Markeplulse Project¶

Predicting change in market direction after Federal Open Market Comission statements¶

We define change in market direction taking the percent change in price from the 20 trading days (approx. 4 weeks) before the statement as the base direction. Then, for each day, we calculate the percent change from the day of the statement until that day. The difference between the change after the statement and beforehand is the change in market direction.

The models are fit on the change in market direction of every day of the 40 days (approx. 8 weeks) after satement for every ticker.

1. Imports, load data, and fit models¶
In [1]:
import pickle
import pandas as pd

from scripts.plots import accuracy_plot, correlation_plot, topic_plot, shap_plot
In [2]:
def load():

    docs = pd.read_parquet('./data/test_statements.parquet')

    prices = pd.read_parquet('./data/prices.parquet')
    prices = prices.loc[docs.index]
    
    with open('./models/tfidf.pkl', 'rb') as f:
        tfidf_model = pickle.load(f)

    with open('./models/transformer.pkl', 'rb') as f:
        transformer_model = pickle.load(f)

    return docs, prices, tfidf_model, transformer_model


try:

    docs, prices, tfidf_model, transformer_model = load()

except FileNotFoundError as e:
    
    print(f'{e.strerror}: {e.filename}')
    !python train.py ./tickers.csv '2008-01-01' '2024-07-01' --model philschmid/bge-base-financial-matryoshka
    docs, prices, tfidf_model, transformer_model = load()
No such file or directory: ./data/test_statements.parquet

For all of the transformer models we used the philschmid/bge-base-financial-matryoshka model. Other models gave similar results as long as they where fine-tuned on financial data.

2. Models¶

We created two models:

  1. A tf-idf model. This model creates six topics form the word frequencies and then fits a linear regression model on these topics to predict the change in market direction.
In [ ]:
tfidf_model
Out[ ]:
Pipeline(steps=[('sentenceselector',
                 SentenceSelector(condition=Exclude voting, email, notes and sentences with less than 15 words,
                                  encoder=philschmid/bge-base-financial-matryoshka,
                                  estimator=KNeighborsRegressor(),
                                  examples=Contains ('the committee decided' & '{x}percent') | 'Federal Reserve Actions',
                                  splitter=Split by line)),
                ('tfidfvectorizer', TfidfVectorizer(max_df=0.5, min_df=0.05)),
                ('nmf', NMF(max_iter=1000, n_components=6, random_state=0)),
                ('linearregression', LinearRegression())])
In a Jupyter environment, please rerun this cell to show the HTML representation or trust the notebook.
On GitHub, the HTML representation is unable to render, please try loading this page with nbviewer.org.
Pipeline(steps=[('sentenceselector',
                 SentenceSelector(condition=Exclude voting, email, notes and sentences with less than 15 words,
                                  encoder=philschmid/bge-base-financial-matryoshka,
                                  estimator=KNeighborsRegressor(),
                                  examples=Contains ('the committee decided' & '{x}percent') | 'Federal Reserve Actions',
                                  splitter=Split by line)),
                ('tfidfvectorizer', TfidfVectorizer(max_df=0.5, min_df=0.05)),
                ('nmf', NMF(max_iter=1000, n_components=6, random_state=0)),
                ('linearregression', LinearRegression())])
SentenceSelector(condition=Exclude voting, email, notes and sentences with less than 15 words,
                 encoder=philschmid/bge-base-financial-matryoshka,
                 estimator=KNeighborsRegressor(),
                 examples=Contains ('the committee decided' & '{x}percent') | 'Federal Reserve Actions',
                 splitter=Split by line)
KNeighborsRegressor()
KNeighborsRegressor()
TfidfVectorizer(max_df=0.5, min_df=0.05)
NMF(max_iter=1000, n_components=6, random_state=0)
LinearRegression()
  1. A transformers based model. This model creates embeddings using the sentence transformers library, followed by pca for dimesionality reduction, and then a linear regression model to predict the change in market direction.
In [ ]:
transformer_model
Out[ ]:
Pipeline(steps=[('sentenceselector',
                 SentenceSelector(condition=Exclude voting, email, notes and sentences with less than 15 words,
                                  encoder=philschmid/bge-base-financial-matryoshka,
                                  estimator=KNeighborsRegressor(),
                                  examples=Contains ('the committee decided' & '{x}percent') | 'Federal Reserve Actions',
                                  splitter=Split by line)),
                ('encodertransformer',
                 EncoderTransformer(model_name='philschmid/bge-base-financial-matryoshka')),
                ('pca', PCA(n_components=24)),
                ('linearregression', LinearRegression())])
In a Jupyter environment, please rerun this cell to show the HTML representation or trust the notebook.
On GitHub, the HTML representation is unable to render, please try loading this page with nbviewer.org.
Pipeline(steps=[('sentenceselector',
                 SentenceSelector(condition=Exclude voting, email, notes and sentences with less than 15 words,
                                  encoder=philschmid/bge-base-financial-matryoshka,
                                  estimator=KNeighborsRegressor(),
                                  examples=Contains ('the committee decided' & '{x}percent') | 'Federal Reserve Actions',
                                  splitter=Split by line)),
                ('encodertransformer',
                 EncoderTransformer(model_name='philschmid/bge-base-financial-matryoshka')),
                ('pca', PCA(n_components=24)),
                ('linearregression', LinearRegression())])
SentenceSelector(condition=Exclude voting, email, notes and sentences with less than 15 words,
                 encoder=philschmid/bge-base-financial-matryoshka,
                 estimator=KNeighborsRegressor(),
                 examples=Contains ('the committee decided' & '{x}percent') | 'Federal Reserve Actions',
                 splitter=Split by line)
KNeighborsRegressor()
KNeighborsRegressor()
EncoderTransformer(model_name='philschmid/bge-base-financial-matryoshka')
PCA(n_components=24)
LinearRegression()

Much of the text of the FOMC statements is not directly relevent and detrracted form model performance. Therefore, as a first step, we created a Sentence Selector which breaks the statement into paragraphs and chooses the most relevent paragraph using hand picked examples of relevent paragraphs. Both models share this step, which uses a transformer model to create embeddings for use in this similarity search.

In [ ]:
tfidf_model.named_steps['sentenceselector']
Out[ ]:
SentenceSelector(condition=Exclude voting, email, notes and sentences with less than 15 words,
                 encoder=philschmid/bge-base-financial-matryoshka,
                 estimator=KNeighborsRegressor(),
                 examples=Contains ('the committee decided' & '{x}percent') | 'Federal Reserve Actions',
                 splitter=Split by line)
In a Jupyter environment, please rerun this cell to show the HTML representation or trust the notebook.
On GitHub, the HTML representation is unable to render, please try loading this page with nbviewer.org.
SentenceSelector(condition=Exclude voting, email, notes and sentences with less than 15 words,
                 encoder=philschmid/bge-base-financial-matryoshka,
                 estimator=KNeighborsRegressor(),
                 examples=Contains ('the committee decided' & '{x}percent') | 'Federal Reserve Actions',
                 splitter=Split by line)
KNeighborsRegressor()
KNeighborsRegressor()

Both models use dimensionality reduction. The transformer model uses pca, the standard dimensionality reduction. The tf-df model uses non-negative matrix factoring, which is better at finding topics. Without dimensionality reduction, the models overfit, mostly due to the small data size.

3. Plots¶

  1. Accuracy plot comparing the balanced accuracy of both models of a prediction of either a positive or negative affect on market direction.
In [ ]:
accuracy_plot(docs, prices, {'tfidf':tfidf_model, 'transformer':transformer_model});
No description has been provided for this image
  1. Correlation plot comparing the pearson correlation of both models. The accuracy is not very high because there are a lot of other factors behind the changes in prices. However, there is a clear correlation for most of the tickers, which indicates that the models are showing true effects of the FOMC statements, even though there are other confounding factors.
In [ ]:
correlation_plot(docs, prices, {'tfidf':tfidf_model, 'transformer':transformer_model});
No description has been provided for this image

From the correlation plot, we can clearly see, at around the 20 day mark, an uptick in the correlations of our predictions with the stock prices of the those tickers that represnt stocks. This seems to indicate that the effects that our model is finding actually relates more to the actual policy mentioned in the statement than to the text of the statement, which is possibly why we get better results after the policy has been implemented for some time.

  1. Topic wordclouds. Each topic from the tf-idf model is represented by a wordcloud,. For each ticker, the coefficients for each topic are shown
In [ ]:
topic_plot(*tfidf_model[1:], prices);
No description has been provided for this image
No description has been provided for this image
  1. Shap plot. We took 5 random examples from the test data and created a shap plot for each. The shap plots show the impact of each word in the statement on the predictions of the transformer model.
In [ ]:
examples = [
    '2012-12-12',
    '2021-06-16',
    '2009-08-12',
    '2019-03-20',
    '2010-05-09',
]
In [ ]:
shap_plot(transformer_model, docs, prices, examples, 30, '\s');
August 12, 2009
outputs
S&P 500
Russell 2000
NASDAQ Composite
Volatility Index
13 Week Treasury Bill
Treasury Yield 30 Years


-1-4-725-0.0208046-0.0208046base value-0.0578979-0.0578979fS&P 500(inputs)0.019 federal funds rate at 0.01 0 to 1/4 percent and 0.009 the federal funds rate 0.009 readings on 0.008 will be appropriate at 0.006 to be well anchored. The Committee views these thresholds as consistent with its earlier date-based guidance. 0.005 currently anticipates that this 0.004 exceptionally low range for 0.004 policy 0.004 accommodation, 0.003 financial 0.002 developments. 0.002 decides 0.002 Committee 0.002 accommodative stance of monetary policy, the Committee will 0.001 after the asset purchase 0.001 When the 0.001 maximum employment 0.001 to begin 0.001 employment 0.0 above 6-1/2 percent, inflation 0.0 it 0.0 to remove 0.0 between one and 0.0 toward maximum -0.01 the economic recovery strengthens. -0.009 decided to keep the -0.007 target range for the -0.007 In particular, the Committee -0.006 and -0.006 its longer-run -0.006 goal, -0.005 longer-term inflation -0.005 expectations continue -0.005 goals of -0.004 percent longer-run -0.004 remain appropriate -0.004 ahead is -0.004 projected to be no -0.004 consistent with -0.004 continued progress -0.003 two years -0.003 policy will -0.003 least as long as -0.003 more than a half percentage point above the -0.003 to maintain a highly -0.003 program ends and -0.002 the unemployment rate remains -0.002 expects that a highly -0.002 2 -0.002 labor market conditions, indicators of inflation pressures -0.002 and inflation expectations, and -0.002 price stability, -0.002 take a -0.002 for a considerable time -0.002 balanced -0.001 approach -0.001 Committee’s -0.001 In determining how long -0.001 inflation of -0.001 the Committee -0.001 To support -0.001 2 percent. -0.0 and -0.0 accommodative stance of monetary -0.0 also consider other information, including additional measures of -0.0 will -0.0 and
inputs
-0.001 / 2
To support
-0.004 / 2
continued progress
0.0 / 2
toward maximum
0.001
employment
-0.0
and
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price stability,
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the Committee
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expects that a highly
-0.0 / 4
accommodative stance of monetary
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policy will
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remain appropriate
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for a considerable time
0.001 / 4
after the asset purchase
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program ends and
-0.01 / 4
the economic recovery strengthens.
-0.007 / 4
In particular, the Committee
-0.009 / 4
decided to keep the
-0.007 / 4
target range for the
0.019 / 4
federal funds rate at
0.01 / 5
0 to 1/4 percent and
0.005 / 4
currently anticipates that this
0.004 / 4
exceptionally low range for
0.009 / 4
the federal funds rate
0.008 / 4
will be appropriate at
-0.003 / 4
least as long as
-0.002 / 4
the unemployment rate remains
0.0 / 4
above 6-1/2 percent, inflation
0.0 / 3
between one and
-0.003 / 2
two years
-0.004 / 2
ahead is
-0.004 / 4
projected to be no
-0.003 / 8
more than a half percentage point above the
-0.001
Committee’s
-0.002
2
-0.004 / 2
percent longer-run
-0.006
goal,
-0.006
and
-0.005 / 2
longer-term inflation
-0.005 / 2
expectations continue
0.006 / 16
to be well anchored. The Committee views these thresholds as consistent with its earlier date-based guidance.
-0.001 / 4
In determining how long
-0.003 / 4
to maintain a highly
0.002 / 8
accommodative stance of monetary policy, the Committee will
-0.0 / 8
also consider other information, including additional measures of
-0.002 / 7
labor market conditions, indicators of inflation pressures
-0.002 / 4
and inflation expectations, and
0.009 / 2
readings on
0.003
financial
0.002
developments.
0.001 / 2
When the
0.002
Committee
0.002
decides
0.001 / 2
to begin
0.0 / 2
to remove
0.004
policy
0.004
accommodation,
0.0
it
-0.0
will
-0.002 / 2
take a
-0.002
balanced
-0.001
approach
-0.004 / 2
consistent with
-0.006 / 2
its longer-run
-0.005 / 2
goals of
0.001 / 2
maximum employment
-0.0
and
-0.001 / 2
inflation of
-0.001 / 2
2 percent.
-0.04-0.08-0.1200.04-0.0208046-0.0208046base value-0.0578979-0.0578979fS&P 500(inputs)0.019 federal funds rate at 0.01 0 to 1/4 percent and 0.009 the federal funds rate 0.009 readings on 0.008 will be appropriate at 0.006 to be well anchored. The Committee views these thresholds as consistent with its earlier date-based guidance. 0.005 currently anticipates that this 0.004 exceptionally low range for 0.004 policy 0.004 accommodation, 0.003 financial 0.002 developments. 0.002 decides 0.002 Committee 0.002 accommodative stance of monetary policy, the Committee will 0.001 after the asset purchase 0.001 When the 0.001 maximum employment 0.001 to begin 0.001 employment 0.0 above 6-1/2 percent, inflation 0.0 it 0.0 to remove 0.0 between one and 0.0 toward maximum -0.01 the economic recovery strengthens. -0.009 decided to keep the -0.007 target range for the -0.007 In particular, the Committee -0.006 and -0.006 its longer-run -0.006 goal, -0.005 longer-term inflation -0.005 expectations continue -0.005 goals of -0.004 percent longer-run -0.004 remain appropriate -0.004 ahead is -0.004 projected to be no -0.004 consistent with -0.004 continued progress -0.003 two years -0.003 policy will -0.003 least as long as -0.003 more than a half percentage point above the -0.003 to maintain a highly -0.003 program ends and -0.002 the unemployment rate remains -0.002 expects that a highly -0.002 2 -0.002 labor market conditions, indicators of inflation pressures -0.002 and inflation expectations, and -0.002 price stability, -0.002 take a -0.002 for a considerable time -0.002 balanced -0.001 approach -0.001 Committee’s -0.001 In determining how long -0.001 inflation of -0.001 the Committee -0.001 To support -0.001 2 percent. -0.0 and -0.0 accommodative stance of monetary -0.0 also consider other information, including additional measures of -0.0 will -0.0 and
inputs
-0.001 / 2
To support
-0.004 / 2
continued progress
0.0 / 2
toward maximum
0.001
employment
-0.0
and
-0.002 / 2
price stability,
-0.001 / 2
the Committee
-0.002 / 4
expects that a highly
-0.0 / 4
accommodative stance of monetary
-0.003 / 2
policy will
-0.004 / 2
remain appropriate
-0.002 / 4
for a considerable time
0.001 / 4
after the asset purchase
-0.003 / 3
program ends and
-0.01 / 4
the economic recovery strengthens.
-0.007 / 4
In particular, the Committee
-0.009 / 4
decided to keep the
-0.007 / 4
target range for the
0.019 / 4
federal funds rate at
0.01 / 5
0 to 1/4 percent and
0.005 / 4
currently anticipates that this
0.004 / 4
exceptionally low range for
0.009 / 4
the federal funds rate
0.008 / 4
will be appropriate at
-0.003 / 4
least as long as
-0.002 / 4
the unemployment rate remains
0.0 / 4
above 6-1/2 percent, inflation
0.0 / 3
between one and
-0.003 / 2
two years
-0.004 / 2
ahead is
-0.004 / 4
projected to be no
-0.003 / 8
more than a half percentage point above the
-0.001
Committee’s
-0.002
2
-0.004 / 2
percent longer-run
-0.006
goal,
-0.006
and
-0.005 / 2
longer-term inflation
-0.005 / 2
expectations continue
0.006 / 16
to be well anchored. The Committee views these thresholds as consistent with its earlier date-based guidance.
-0.001 / 4
In determining how long
-0.003 / 4
to maintain a highly
0.002 / 8
accommodative stance of monetary policy, the Committee will
-0.0 / 8
also consider other information, including additional measures of
-0.002 / 7
labor market conditions, indicators of inflation pressures
-0.002 / 4
and inflation expectations, and
0.009 / 2
readings on
0.003
financial
0.002
developments.
0.001 / 2
When the
0.002
Committee
0.002
decides
0.001 / 2
to begin
0.0 / 2
to remove
0.004
policy
0.004
accommodation,
0.0
it
-0.0
will
-0.002 / 2
take a
-0.002
balanced
-0.001
approach
-0.004 / 2
consistent with
-0.006 / 2
its longer-run
-0.005 / 2
goals of
0.001 / 2
maximum employment
-0.0
and
-0.001 / 2
inflation of
-0.001 / 2
2 percent.
-1-4-725-0.0379724-0.0379724base value-0.0602987-0.0602987fRussell 2000(inputs)0.022 federal funds rate at 0.017 readings on 0.014 the federal funds rate 0.013 will be appropriate at 0.012 to be well anchored. The Committee views these thresholds as consistent with its earlier date-based guidance. 0.01 0 to 1/4 percent and 0.009 exceptionally low range for 0.009 currently anticipates that this 0.007 above 6-1/2 percent, inflation 0.007 between one and 0.007 accommodative stance of monetary 0.005 also consider other information, including additional measures of 0.005 financial 0.005 after the asset purchase 0.005 developments. 0.005 policy 0.004 accommodation, 0.003 for a considerable time 0.003 accommodative stance of monetary policy, the Committee will 0.003 maximum employment 0.002 to begin 0.002 To support 0.002 decides 0.001 employment 0.001 Committee 0.001 toward maximum 0.001 and 0.0 labor market conditions, indicators of inflation pressures 0.0 and inflation expectations, and -0.015 decided to keep the -0.014 the economic recovery strengthens. -0.012 In particular, the Committee -0.01 its longer-run -0.01 more than a half percentage point above the -0.009 target range for the -0.009 goal, -0.008 two years -0.008 percent longer-run -0.008 projected to be no -0.007 ahead is -0.007 consistent with -0.007 and -0.007 expectations continue -0.006 2 -0.006 longer-term inflation -0.006 continued progress -0.005 goals of -0.004 remain appropriate -0.004 expects that a highly -0.003 price stability, -0.003 policy will -0.003 to maintain a highly -0.003 least as long as -0.003 2 percent. -0.003 the unemployment rate remains -0.003 Committee’s -0.002 the Committee -0.002 take a -0.002 will -0.002 balanced -0.002 it -0.002 In determining how long -0.001 approach -0.001 to remove -0.001 program ends and -0.001 When the -0.0 and -0.0 inflation of
inputs
0.002 / 2
To support
-0.006 / 2
continued progress
0.001 / 2
toward maximum
0.001
employment
0.001
and
-0.003 / 2
price stability,
-0.002 / 2
the Committee
-0.004 / 4
expects that a highly
0.007 / 4
accommodative stance of monetary
-0.003 / 2
policy will
-0.004 / 2
remain appropriate
0.003 / 4
for a considerable time
0.005 / 4
after the asset purchase
-0.001 / 3
program ends and
-0.014 / 4
the economic recovery strengthens.
-0.012 / 4
In particular, the Committee
-0.015 / 4
decided to keep the
-0.009 / 4
target range for the
0.022 / 4
federal funds rate at
0.01 / 5
0 to 1/4 percent and
0.009 / 4
currently anticipates that this
0.009 / 4
exceptionally low range for
0.014 / 4
the federal funds rate
0.013 / 4
will be appropriate at
-0.003 / 4
least as long as
-0.003 / 4
the unemployment rate remains
0.007 / 4
above 6-1/2 percent, inflation
0.007 / 3
between one and
-0.008 / 2
two years
-0.007 / 2
ahead is
-0.008 / 4
projected to be no
-0.01 / 8
more than a half percentage point above the
-0.003
Committee’s
-0.006
2
-0.008 / 2
percent longer-run
-0.009
goal,
-0.007
and
-0.006 / 2
longer-term inflation
-0.007 / 2
expectations continue
0.012 / 16
to be well anchored. The Committee views these thresholds as consistent with its earlier date-based guidance.
-0.002 / 4
In determining how long
-0.003 / 4
to maintain a highly
0.003 / 8
accommodative stance of monetary policy, the Committee will
0.005 / 8
also consider other information, including additional measures of
0.0 / 7
labor market conditions, indicators of inflation pressures
0.0 / 4
and inflation expectations, and
0.017 / 2
readings on
0.005
financial
0.005
developments.
-0.001 / 2
When the
0.001
Committee
0.002
decides
0.002 / 2
to begin
-0.001 / 2
to remove
0.005
policy
0.004
accommodation,
-0.002
it
-0.002
will
-0.002 / 2
take a
-0.002
balanced
-0.001
approach
-0.007 / 2
consistent with
-0.01 / 2
its longer-run
-0.005 / 2
goals of
0.003 / 2
maximum employment
-0.0
and
-0.0 / 2
inflation of
-0.003 / 2
2 percent.
-0-0.1-0.20.1-0.0379724-0.0379724base value-0.0602987-0.0602987fRussell 2000(inputs)0.022 federal funds rate at 0.017 readings on 0.014 the federal funds rate 0.013 will be appropriate at 0.012 to be well anchored. The Committee views these thresholds as consistent with its earlier date-based guidance. 0.01 0 to 1/4 percent and 0.009 exceptionally low range for 0.009 currently anticipates that this 0.007 above 6-1/2 percent, inflation 0.007 between one and 0.007 accommodative stance of monetary 0.005 also consider other information, including additional measures of 0.005 financial 0.005 after the asset purchase 0.005 developments. 0.005 policy 0.004 accommodation, 0.003 for a considerable time 0.003 accommodative stance of monetary policy, the Committee will 0.003 maximum employment 0.002 to begin 0.002 To support 0.002 decides 0.001 employment 0.001 Committee 0.001 toward maximum 0.001 and 0.0 labor market conditions, indicators of inflation pressures 0.0 and inflation expectations, and -0.015 decided to keep the -0.014 the economic recovery strengthens. -0.012 In particular, the Committee -0.01 its longer-run -0.01 more than a half percentage point above the -0.009 target range for the -0.009 goal, -0.008 two years -0.008 percent longer-run -0.008 projected to be no -0.007 ahead is -0.007 consistent with -0.007 and -0.007 expectations continue -0.006 2 -0.006 longer-term inflation -0.006 continued progress -0.005 goals of -0.004 remain appropriate -0.004 expects that a highly -0.003 price stability, -0.003 policy will -0.003 to maintain a highly -0.003 least as long as -0.003 2 percent. -0.003 the unemployment rate remains -0.003 Committee’s -0.002 the Committee -0.002 take a -0.002 will -0.002 balanced -0.002 it -0.002 In determining how long -0.001 approach -0.001 to remove -0.001 program ends and -0.001 When the -0.0 and -0.0 inflation of
inputs
0.002 / 2
To support
-0.006 / 2
continued progress
0.001 / 2
toward maximum
0.001
employment
0.001
and
-0.003 / 2
price stability,
-0.002 / 2
the Committee
-0.004 / 4
expects that a highly
0.007 / 4
accommodative stance of monetary
-0.003 / 2
policy will
-0.004 / 2
remain appropriate
0.003 / 4
for a considerable time
0.005 / 4
after the asset purchase
-0.001 / 3
program ends and
-0.014 / 4
the economic recovery strengthens.
-0.012 / 4
In particular, the Committee
-0.015 / 4
decided to keep the
-0.009 / 4
target range for the
0.022 / 4
federal funds rate at
0.01 / 5
0 to 1/4 percent and
0.009 / 4
currently anticipates that this
0.009 / 4
exceptionally low range for
0.014 / 4
the federal funds rate
0.013 / 4
will be appropriate at
-0.003 / 4
least as long as
-0.003 / 4
the unemployment rate remains
0.007 / 4
above 6-1/2 percent, inflation
0.007 / 3
between one and
-0.008 / 2
two years
-0.007 / 2
ahead is
-0.008 / 4
projected to be no
-0.01 / 8
more than a half percentage point above the
-0.003
Committee’s
-0.006
2
-0.008 / 2
percent longer-run
-0.009
goal,
-0.007
and
-0.006 / 2
longer-term inflation
-0.007 / 2
expectations continue
0.012 / 16
to be well anchored. The Committee views these thresholds as consistent with its earlier date-based guidance.
-0.002 / 4
In determining how long
-0.003 / 4
to maintain a highly
0.003 / 8
accommodative stance of monetary policy, the Committee will
0.005 / 8
also consider other information, including additional measures of
0.0 / 7
labor market conditions, indicators of inflation pressures
0.0 / 4
and inflation expectations, and
0.017 / 2
readings on
0.005
financial
0.005
developments.
-0.001 / 2
When the
0.001
Committee
0.002
decides
0.002 / 2
to begin
-0.001 / 2
to remove
0.005
policy
0.004
accommodation,
-0.002
it
-0.002
will
-0.002 / 2
take a
-0.002
balanced
-0.001
approach
-0.007 / 2
consistent with
-0.01 / 2
its longer-run
-0.005 / 2
goals of
0.003 / 2
maximum employment
-0.0
and
-0.0 / 2
inflation of
-0.003 / 2
2 percent.
-1-4-725-0.00951516-0.00951516base value-0.0693244-0.0693244fNASDAQ Composite(inputs)0.013 federal funds rate at 0.008 readings on 0.008 0 to 1/4 percent and 0.006 currently anticipates that this 0.006 the federal funds rate 0.006 exceptionally low range for 0.005 will be appropriate at 0.005 Committee 0.004 decides 0.004 to be well anchored. The Committee views these thresholds as consistent with its earlier date-based guidance. 0.003 When the 0.002 accommodation, 0.002 developments. 0.002 financial 0.002 above 6-1/2 percent, inflation 0.002 policy 0.001 the Committee 0.001 between one and 0.001 to remove 0.001 to begin 0.001 accommodative stance of monetary policy, the Committee will 0.001 Committee’s 0.001 employment 0.0 and 0.0 more than a half percentage point above the 0.0 it 0.0 toward maximum 0.0 2 percent. -0.008 decided to keep the -0.007 target range for the -0.007 program ends and -0.007 for a considerable time -0.007 remain appropriate -0.006 goals of -0.006 policy will -0.006 its longer-run -0.006 consistent with -0.005 goal, -0.005 the economic recovery strengthens. -0.004 after the asset purchase -0.004 to maintain a highly -0.004 and -0.004 longer-term inflation -0.004 expectations continue -0.004 ahead is -0.004 percent longer-run -0.003 labor market conditions, indicators of inflation pressures -0.003 and inflation expectations, and -0.003 two years -0.003 least as long as -0.003 approach -0.003 projected to be no -0.003 the unemployment rate remains -0.003 also consider other information, including additional measures of -0.003 In determining how long -0.003 balanced -0.003 take a -0.003 expects that a highly -0.002 continued progress -0.002 price stability, -0.001 accommodative stance of monetary -0.001 2 -0.001 In particular, the Committee -0.001 and -0.001 To support -0.001 will -0.0 inflation of -0.0 maximum employment
inputs
-0.001 / 2
To support
-0.002 / 2
continued progress
0.0 / 2
toward maximum
0.001
employment
0.0
and
-0.002 / 2
price stability,
0.001 / 2
the Committee
-0.003 / 4
expects that a highly
-0.001 / 4
accommodative stance of monetary
-0.006 / 2
policy will
-0.007 / 2
remain appropriate
-0.007 / 4
for a considerable time
-0.004 / 4
after the asset purchase
-0.007 / 3
program ends and
-0.005 / 4
the economic recovery strengthens.
-0.001 / 4
In particular, the Committee
-0.008 / 4
decided to keep the
-0.007 / 4
target range for the
0.013 / 4
federal funds rate at
0.008 / 5
0 to 1/4 percent and
0.006 / 4
currently anticipates that this
0.006 / 4
exceptionally low range for
0.006 / 4
the federal funds rate
0.005 / 4
will be appropriate at
-0.003 / 4
least as long as
-0.003 / 4
the unemployment rate remains
0.002 / 4
above 6-1/2 percent, inflation
0.001 / 3
between one and
-0.003 / 2
two years
-0.004 / 2
ahead is
-0.003 / 4
projected to be no
0.0 / 8
more than a half percentage point above the
0.001
Committee’s
-0.001
2
-0.004 / 2
percent longer-run
-0.005
goal,
-0.004
and
-0.004 / 2
longer-term inflation
-0.004 / 2
expectations continue
0.004 / 16
to be well anchored. The Committee views these thresholds as consistent with its earlier date-based guidance.
-0.003 / 4
In determining how long
-0.004 / 4
to maintain a highly
0.001 / 8
accommodative stance of monetary policy, the Committee will
-0.003 / 8
also consider other information, including additional measures of
-0.003 / 7
labor market conditions, indicators of inflation pressures
-0.003 / 4
and inflation expectations, and
0.008 / 2
readings on
0.002
financial
0.002
developments.
0.003 / 2
When the
0.005
Committee
0.004
decides
0.001 / 2
to begin
0.001 / 2
to remove
0.002
policy
0.002
accommodation,
0.0
it
-0.001
will
-0.003 / 2
take a
-0.003
balanced
-0.003
approach
-0.006 / 2
consistent with
-0.006 / 2
its longer-run
-0.006 / 2
goals of
-0.0 / 2
maximum employment
-0.001
and
-0.0 / 2
inflation of
0.0 / 2
2 percent.
-0.04-0.08-0.1200.04-0.00951516-0.00951516base value-0.0693244-0.0693244fNASDAQ Composite(inputs)0.013 federal funds rate at 0.008 readings on 0.008 0 to 1/4 percent and 0.006 currently anticipates that this 0.006 the federal funds rate 0.006 exceptionally low range for 0.005 will be appropriate at 0.005 Committee 0.004 decides 0.004 to be well anchored. The Committee views these thresholds as consistent with its earlier date-based guidance. 0.003 When the 0.002 accommodation, 0.002 developments. 0.002 financial 0.002 above 6-1/2 percent, inflation 0.002 policy 0.001 the Committee 0.001 between one and 0.001 to remove 0.001 to begin 0.001 accommodative stance of monetary policy, the Committee will 0.001 Committee’s 0.001 employment 0.0 and 0.0 more than a half percentage point above the 0.0 it 0.0 toward maximum 0.0 2 percent. -0.008 decided to keep the -0.007 target range for the -0.007 program ends and -0.007 for a considerable time -0.007 remain appropriate -0.006 goals of -0.006 policy will -0.006 its longer-run -0.006 consistent with -0.005 goal, -0.005 the economic recovery strengthens. -0.004 after the asset purchase -0.004 to maintain a highly -0.004 and -0.004 longer-term inflation -0.004 expectations continue -0.004 ahead is -0.004 percent longer-run -0.003 labor market conditions, indicators of inflation pressures -0.003 and inflation expectations, and -0.003 two years -0.003 least as long as -0.003 approach -0.003 projected to be no -0.003 the unemployment rate remains -0.003 also consider other information, including additional measures of -0.003 In determining how long -0.003 balanced -0.003 take a -0.003 expects that a highly -0.002 continued progress -0.002 price stability, -0.001 accommodative stance of monetary -0.001 2 -0.001 In particular, the Committee -0.001 and -0.001 To support -0.001 will -0.0 inflation of -0.0 maximum employment
inputs
-0.001 / 2
To support
-0.002 / 2
continued progress
0.0 / 2
toward maximum
0.001
employment
0.0
and
-0.002 / 2
price stability,
0.001 / 2
the Committee
-0.003 / 4
expects that a highly
-0.001 / 4
accommodative stance of monetary
-0.006 / 2
policy will
-0.007 / 2
remain appropriate
-0.007 / 4
for a considerable time
-0.004 / 4
after the asset purchase
-0.007 / 3
program ends and
-0.005 / 4
the economic recovery strengthens.
-0.001 / 4
In particular, the Committee
-0.008 / 4
decided to keep the
-0.007 / 4
target range for the
0.013 / 4
federal funds rate at
0.008 / 5
0 to 1/4 percent and
0.006 / 4
currently anticipates that this
0.006 / 4
exceptionally low range for
0.006 / 4
the federal funds rate
0.005 / 4
will be appropriate at
-0.003 / 4
least as long as
-0.003 / 4
the unemployment rate remains
0.002 / 4
above 6-1/2 percent, inflation
0.001 / 3
between one and
-0.003 / 2
two years
-0.004 / 2
ahead is
-0.003 / 4
projected to be no
0.0 / 8
more than a half percentage point above the
0.001
Committee’s
-0.001
2
-0.004 / 2
percent longer-run
-0.005
goal,
-0.004
and
-0.004 / 2
longer-term inflation
-0.004 / 2
expectations continue
0.004 / 16
to be well anchored. The Committee views these thresholds as consistent with its earlier date-based guidance.
-0.003 / 4
In determining how long
-0.004 / 4
to maintain a highly
0.001 / 8
accommodative stance of monetary policy, the Committee will
-0.003 / 8
also consider other information, including additional measures of
-0.003 / 7
labor market conditions, indicators of inflation pressures
-0.003 / 4
and inflation expectations, and
0.008 / 2
readings on
0.002
financial
0.002
developments.
0.003 / 2
When the
0.005
Committee
0.004
decides
0.001 / 2
to begin
0.001 / 2
to remove
0.002
policy
0.002
accommodation,
0.0
it
-0.001
will
-0.003 / 2
take a
-0.003
balanced
-0.003
approach
-0.006 / 2
consistent with
-0.006 / 2
its longer-run
-0.006 / 2
goals of
-0.0 / 2
maximum employment
-0.001
and
-0.0 / 2
inflation of
0.0 / 2
2 percent.
-1-4-725-0.0516021-0.0516021base value0.08764940.0876494fVolatility Index(inputs)0.053 decided to keep the 0.053 target range for the 0.03 its longer-run 0.029 goals of 0.026 percent longer-run 0.025 goal, 0.021 more than a half percentage point above the 0.019 continued progress 0.016 and 0.016 toward maximum 0.015 take a 0.014 approach 0.013 ahead is 0.012 to remove 0.012 the economic recovery strengthens. 0.012 consistent with 0.012 balanced 0.012 to maintain a highly 0.011 accommodative stance of monetary 0.011 2 0.011 remain appropriate 0.01 maximum employment 0.01 and 0.01 two years 0.008 In determining how long 0.008 employment 0.007 2 percent. 0.006 policy will 0.005 to begin 0.004 longer-term inflation 0.003 accommodation, 0.003 expectations continue 0.001 will 0.001 least as long as 0.0 the unemployment rate remains -0.041 readings on -0.032 federal funds rate at -0.023 Committee -0.022 decides -0.019 above 6-1/2 percent, inflation -0.019 between one and -0.018 the Committee -0.018 after the asset purchase -0.017 the federal funds rate -0.014 will be appropriate at -0.014 to be well anchored. The Committee views these thresholds as consistent with its earlier date-based guidance. -0.013 financial -0.013 When the -0.012 developments. -0.011 also consider other information, including additional measures of -0.009 currently anticipates that this -0.008 price stability, -0.008 labor market conditions, indicators of inflation pressures -0.007 accommodative stance of monetary policy, the Committee will -0.007 and inflation expectations, and -0.006 Committee’s -0.006 0 to 1/4 percent and -0.006 exceptionally low range for -0.005 projected to be no -0.005 expects that a highly -0.002 inflation of -0.002 In particular, the Committee -0.002 program ends and -0.002 policy -0.001 for a considerable time -0.001 and -0.001 To support -0.001 it
inputs
-0.001 / 2
To support
0.019 / 2
continued progress
0.016 / 2
toward maximum
0.008
employment
0.016
and
-0.008 / 2
price stability,
-0.018 / 2
the Committee
-0.005 / 4
expects that a highly
0.011 / 4
accommodative stance of monetary
0.006 / 2
policy will
0.011 / 2
remain appropriate
-0.001 / 4
for a considerable time
-0.018 / 4
after the asset purchase
-0.002 / 3
program ends and
0.012 / 4
the economic recovery strengthens.
-0.002 / 4
In particular, the Committee
0.053 / 4
decided to keep the
0.053 / 4
target range for the
-0.032 / 4
federal funds rate at
-0.006 / 5
0 to 1/4 percent and
-0.009 / 4
currently anticipates that this
-0.006 / 4
exceptionally low range for
-0.017 / 4
the federal funds rate
-0.014 / 4
will be appropriate at
0.001 / 4
least as long as
0.0 / 4
the unemployment rate remains
-0.019 / 4
above 6-1/2 percent, inflation
-0.019 / 3
between one and
0.01 / 2
two years
0.013 / 2
ahead is
-0.005 / 4
projected to be no
0.021 / 8
more than a half percentage point above the
-0.006
Committee’s
0.011
2
0.026 / 2
percent longer-run
0.025
goal,
-0.001
and
0.004 / 2
longer-term inflation
0.003 / 2
expectations continue
-0.014 / 16
to be well anchored. The Committee views these thresholds as consistent with its earlier date-based guidance.
0.008 / 4
In determining how long
0.012 / 4
to maintain a highly
-0.007 / 8
accommodative stance of monetary policy, the Committee will
-0.011 / 8
also consider other information, including additional measures of
-0.008 / 7
labor market conditions, indicators of inflation pressures
-0.007 / 4
and inflation expectations, and
-0.041 / 2
readings on
-0.013
financial
-0.012
developments.
-0.013 / 2
When the
-0.023
Committee
-0.022
decides
0.005 / 2
to begin
0.012 / 2
to remove
-0.002
policy
0.003
accommodation,
-0.001
it
0.001
will
0.015 / 2
take a
0.012
balanced
0.014
approach
0.012 / 2
consistent with
0.03 / 2
its longer-run
0.029 / 2
goals of
0.01 / 2
maximum employment
0.01
and
-0.002 / 2
inflation of
0.007 / 2
2 percent.
0-0.1-0.2-0.3-0.40.10.20.30.4-0.0516021-0.0516021base value0.08764940.0876494fVolatility Index(inputs)0.053 decided to keep the 0.053 target range for the 0.03 its longer-run 0.029 goals of 0.026 percent longer-run 0.025 goal, 0.021 more than a half percentage point above the 0.019 continued progress 0.016 and 0.016 toward maximum 0.015 take a 0.014 approach 0.013 ahead is 0.012 to remove 0.012 the economic recovery strengthens. 0.012 consistent with 0.012 balanced 0.012 to maintain a highly 0.011 accommodative stance of monetary 0.011 2 0.011 remain appropriate 0.01 maximum employment 0.01 and 0.01 two years 0.008 In determining how long 0.008 employment 0.007 2 percent. 0.006 policy will 0.005 to begin 0.004 longer-term inflation 0.003 accommodation, 0.003 expectations continue 0.001 will 0.001 least as long as 0.0 the unemployment rate remains -0.041 readings on -0.032 federal funds rate at -0.023 Committee -0.022 decides -0.019 above 6-1/2 percent, inflation -0.019 between one and -0.018 the Committee -0.018 after the asset purchase -0.017 the federal funds rate -0.014 will be appropriate at -0.014 to be well anchored. The Committee views these thresholds as consistent with its earlier date-based guidance. -0.013 financial -0.013 When the -0.012 developments. -0.011 also consider other information, including additional measures of -0.009 currently anticipates that this -0.008 price stability, -0.008 labor market conditions, indicators of inflation pressures -0.007 accommodative stance of monetary policy, the Committee will -0.007 and inflation expectations, and -0.006 Committee’s -0.006 0 to 1/4 percent and -0.006 exceptionally low range for -0.005 projected to be no -0.005 expects that a highly -0.002 inflation of -0.002 In particular, the Committee -0.002 program ends and -0.002 policy -0.001 for a considerable time -0.001 and -0.001 To support -0.001 it
inputs
-0.001 / 2
To support
0.019 / 2
continued progress
0.016 / 2
toward maximum
0.008
employment
0.016
and
-0.008 / 2
price stability,
-0.018 / 2
the Committee
-0.005 / 4
expects that a highly
0.011 / 4
accommodative stance of monetary
0.006 / 2
policy will
0.011 / 2
remain appropriate
-0.001 / 4
for a considerable time
-0.018 / 4
after the asset purchase
-0.002 / 3
program ends and
0.012 / 4
the economic recovery strengthens.
-0.002 / 4
In particular, the Committee
0.053 / 4
decided to keep the
0.053 / 4
target range for the
-0.032 / 4
federal funds rate at
-0.006 / 5
0 to 1/4 percent and
-0.009 / 4
currently anticipates that this
-0.006 / 4
exceptionally low range for
-0.017 / 4
the federal funds rate
-0.014 / 4
will be appropriate at
0.001 / 4
least as long as
0.0 / 4
the unemployment rate remains
-0.019 / 4
above 6-1/2 percent, inflation
-0.019 / 3
between one and
0.01 / 2
two years
0.013 / 2
ahead is
-0.005 / 4
projected to be no
0.021 / 8
more than a half percentage point above the
-0.006
Committee’s
0.011
2
0.026 / 2
percent longer-run
0.025
goal,
-0.001
and
0.004 / 2
longer-term inflation
0.003 / 2
expectations continue
-0.014 / 16
to be well anchored. The Committee views these thresholds as consistent with its earlier date-based guidance.
0.008 / 4
In determining how long
0.012 / 4
to maintain a highly
-0.007 / 8
accommodative stance of monetary policy, the Committee will
-0.011 / 8
also consider other information, including additional measures of
-0.008 / 7
labor market conditions, indicators of inflation pressures
-0.007 / 4
and inflation expectations, and
-0.041 / 2
readings on
-0.013
financial
-0.012
developments.
-0.013 / 2
When the
-0.023
Committee
-0.022
decides
0.005 / 2
to begin
0.012 / 2
to remove
-0.002
policy
0.003
accommodation,
-0.001
it
0.001
will
0.015 / 2
take a
0.012
balanced
0.014
approach
0.012 / 2
consistent with
0.03 / 2
its longer-run
0.029 / 2
goals of
0.01 / 2
maximum employment
0.01
and
-0.002 / 2
inflation of
0.007 / 2
2 percent.
-1-4-7250.1338250.133825base value-1.3612-1.3612f13 Week Treasury Bill(inputs)0.626 the economic recovery strengthens. 0.515 federal funds rate at 0.499 In particular, the Committee 0.467 exceptionally low range for 0.443 currently anticipates that this 0.402 the federal funds rate 0.337 developments. 0.326 after the asset purchase 0.322 financial 0.321 will be appropriate at 0.305 the unemployment rate remains 0.289 readings on 0.239 Committee 0.233 above 6-1/2 percent, inflation 0.226 the Committee 0.218 decides 0.213 least as long as 0.199 between one and 0.191 0 to 1/4 percent and 0.134 to remove 0.112 program ends and 0.092 price stability, 0.086 Committee’s 0.085 to begin 0.08 for a considerable time 0.073 When the 0.03 continued progress 0.002 more than a half percentage point above the -0.473 In determining how long -0.466 maximum employment -0.463 goals of -0.416 to maintain a highly -0.393 accommodative stance of monetary -0.356 remain appropriate -0.341 policy will -0.296 ahead is -0.282 goal, -0.281 target range for the -0.277 and -0.244 percent longer-run -0.238 accommodation, -0.232 accommodative stance of monetary policy, the Committee will -0.229 approach -0.226 policy -0.223 toward maximum -0.214 and -0.212 projected to be no -0.207 consistent with -0.2 two years -0.194 expects that a highly -0.188 balanced -0.168 expectations continue -0.155 will -0.149 and -0.149 2 percent. -0.145 its longer-run -0.143 take a -0.13 longer-term inflation -0.128 decided to keep the -0.122 employment -0.103 inflation of -0.102 and inflation expectations, and -0.092 labor market conditions, indicators of inflation pressures -0.089 also consider other information, including additional measures of -0.08 to be well anchored. The Committee views these thresholds as consistent with its earlier date-based guidance. -0.077 2 -0.055 it -0.025 To support
inputs
-0.025 / 2
To support
0.03 / 2
continued progress
-0.223 / 2
toward maximum
-0.122
employment
-0.214
and
0.092 / 2
price stability,
0.226 / 2
the Committee
-0.194 / 4
expects that a highly
-0.393 / 4
accommodative stance of monetary
-0.341 / 2
policy will
-0.356 / 2
remain appropriate
0.08 / 4
for a considerable time
0.326 / 4
after the asset purchase
0.112 / 3
program ends and
0.626 / 4
the economic recovery strengthens.
0.499 / 4
In particular, the Committee
-0.128 / 4
decided to keep the
-0.281 / 4
target range for the
0.515 / 4
federal funds rate at
0.191 / 5
0 to 1/4 percent and
0.443 / 4
currently anticipates that this
0.467 / 4
exceptionally low range for
0.402 / 4
the federal funds rate
0.321 / 4
will be appropriate at
0.213 / 4
least as long as
0.305 / 4
the unemployment rate remains
0.233 / 4
above 6-1/2 percent, inflation
0.199 / 3
between one and
-0.2 / 2
two years
-0.296 / 2
ahead is
-0.212 / 4
projected to be no
0.002 / 8
more than a half percentage point above the
0.086
Committee’s
-0.077
2
-0.244 / 2
percent longer-run
-0.282
goal,
-0.149
and
-0.13 / 2
longer-term inflation
-0.168 / 2
expectations continue
-0.08 / 16
to be well anchored. The Committee views these thresholds as consistent with its earlier date-based guidance.
-0.473 / 4
In determining how long
-0.416 / 4
to maintain a highly
-0.232 / 8
accommodative stance of monetary policy, the Committee will
-0.089 / 8
also consider other information, including additional measures of
-0.092 / 7
labor market conditions, indicators of inflation pressures
-0.102 / 4
and inflation expectations, and
0.289 / 2
readings on
0.322
financial
0.337
developments.
0.073 / 2
When the
0.239
Committee
0.218
decides
0.085 / 2
to begin
0.134 / 2
to remove
-0.226
policy
-0.238
accommodation,
-0.055
it
-0.155
will
-0.143 / 2
take a
-0.188
balanced
-0.229
approach
-0.207 / 2
consistent with
-0.145 / 2
its longer-run
-0.463 / 2
goals of
-0.466 / 2
maximum employment
-0.277
and
-0.103 / 2
inflation of
-0.149 / 2
2 percent.
-1-4-7250.1338250.133825base value-1.3612-1.3612f13 Week Treasury Bill(inputs)0.626 the economic recovery strengthens. 0.515 federal funds rate at 0.499 In particular, the Committee 0.467 exceptionally low range for 0.443 currently anticipates that this 0.402 the federal funds rate 0.337 developments. 0.326 after the asset purchase 0.322 financial 0.321 will be appropriate at 0.305 the unemployment rate remains 0.289 readings on 0.239 Committee 0.233 above 6-1/2 percent, inflation 0.226 the Committee 0.218 decides 0.213 least as long as 0.199 between one and 0.191 0 to 1/4 percent and 0.134 to remove 0.112 program ends and 0.092 price stability, 0.086 Committee’s 0.085 to begin 0.08 for a considerable time 0.073 When the 0.03 continued progress 0.002 more than a half percentage point above the -0.473 In determining how long -0.466 maximum employment -0.463 goals of -0.416 to maintain a highly -0.393 accommodative stance of monetary -0.356 remain appropriate -0.341 policy will -0.296 ahead is -0.282 goal, -0.281 target range for the -0.277 and -0.244 percent longer-run -0.238 accommodation, -0.232 accommodative stance of monetary policy, the Committee will -0.229 approach -0.226 policy -0.223 toward maximum -0.214 and -0.212 projected to be no -0.207 consistent with -0.2 two years -0.194 expects that a highly -0.188 balanced -0.168 expectations continue -0.155 will -0.149 and -0.149 2 percent. -0.145 its longer-run -0.143 take a -0.13 longer-term inflation -0.128 decided to keep the -0.122 employment -0.103 inflation of -0.102 and inflation expectations, and -0.092 labor market conditions, indicators of inflation pressures -0.089 also consider other information, including additional measures of -0.08 to be well anchored. The Committee views these thresholds as consistent with its earlier date-based guidance. -0.077 2 -0.055 it -0.025 To support
inputs
-0.025 / 2
To support
0.03 / 2
continued progress
-0.223 / 2
toward maximum
-0.122
employment
-0.214
and
0.092 / 2
price stability,
0.226 / 2
the Committee
-0.194 / 4
expects that a highly
-0.393 / 4
accommodative stance of monetary
-0.341 / 2
policy will
-0.356 / 2
remain appropriate
0.08 / 4
for a considerable time
0.326 / 4
after the asset purchase
0.112 / 3
program ends and
0.626 / 4
the economic recovery strengthens.
0.499 / 4
In particular, the Committee
-0.128 / 4
decided to keep the
-0.281 / 4
target range for the
0.515 / 4
federal funds rate at
0.191 / 5
0 to 1/4 percent and
0.443 / 4
currently anticipates that this
0.467 / 4
exceptionally low range for
0.402 / 4
the federal funds rate
0.321 / 4
will be appropriate at
0.213 / 4
least as long as
0.305 / 4
the unemployment rate remains
0.233 / 4
above 6-1/2 percent, inflation
0.199 / 3
between one and
-0.2 / 2
two years
-0.296 / 2
ahead is
-0.212 / 4
projected to be no
0.002 / 8
more than a half percentage point above the
0.086
Committee’s
-0.077
2
-0.244 / 2
percent longer-run
-0.282
goal,
-0.149
and
-0.13 / 2
longer-term inflation
-0.168 / 2
expectations continue
-0.08 / 16
to be well anchored. The Committee views these thresholds as consistent with its earlier date-based guidance.
-0.473 / 4
In determining how long
-0.416 / 4
to maintain a highly
-0.232 / 8
accommodative stance of monetary policy, the Committee will
-0.089 / 8
also consider other information, including additional measures of
-0.092 / 7
labor market conditions, indicators of inflation pressures
-0.102 / 4
and inflation expectations, and
0.289 / 2
readings on
0.322
financial
0.337
developments.
0.073 / 2
When the
0.239
Committee
0.218
decides
0.085 / 2
to begin
0.134 / 2
to remove
-0.226
policy
-0.238
accommodation,
-0.055
it
-0.155
will
-0.143 / 2
take a
-0.188
balanced
-0.229
approach
-0.207 / 2
consistent with
-0.145 / 2
its longer-run
-0.463 / 2
goals of
-0.466 / 2
maximum employment
-0.277
and
-0.103 / 2
inflation of
-0.149 / 2
2 percent.
-1-4-725-0.167669-0.167669base value0.009043140.00904314fTreasury Yield 30 Years(inputs)0.044 accommodative stance of monetary policy, the Committee will 0.036 accommodative stance of monetary 0.036 to be well anchored. The Committee views these thresholds as consistent with its earlier date-based guidance. 0.028 federal funds rate at 0.025 the federal funds rate 0.023 will be appropriate at 0.02 readings on 0.019 policy will 0.018 In particular, the Committee 0.016 remain appropriate 0.015 the Committee 0.013 policy 0.013 expects that a highly 0.012 Committee 0.012 decides 0.011 When the 0.011 financial 0.011 currently anticipates that this 0.01 exceptionally low range for 0.01 developments. 0.009 price stability, 0.009 accommodation, 0.008 also consider other information, including additional measures of 0.008 0 to 1/4 percent and 0.007 the economic recovery strengthens. 0.004 it 0.003 will 0.003 Committee’s 0.002 to begin 0.002 approach 0.001 consistent with 0.001 target range for the 0.0 To support -0.019 2 percent. -0.018 inflation of -0.017 and -0.015 program ends and -0.015 more than a half percentage point above the -0.014 above 6-1/2 percent, inflation -0.014 between one and -0.014 longer-term inflation -0.013 expectations continue -0.013 for a considerable time -0.013 percent longer-run -0.011 goal, -0.01 goals of -0.009 two years -0.008 and -0.008 2 -0.007 least as long as -0.007 ahead is -0.006 its longer-run -0.005 continued progress -0.004 after the asset purchase -0.003 to remove -0.003 maximum employment -0.003 the unemployment rate remains -0.003 projected to be no -0.002 toward maximum -0.002 labor market conditions, indicators of inflation pressures -0.002 and inflation expectations, and -0.002 to maintain a highly -0.002 and -0.001 take a -0.001 balanced -0.001 employment -0.0 decided to keep the -0.0 In determining how long
inputs
0.0 / 2
To support
-0.005 / 2
continued progress
-0.002 / 2
toward maximum
-0.001
employment
-0.002
and
0.009 / 2
price stability,
0.015 / 2
the Committee
0.013 / 4
expects that a highly
0.036 / 4
accommodative stance of monetary
0.019 / 2
policy will
0.016 / 2
remain appropriate
-0.013 / 4
for a considerable time
-0.004 / 4
after the asset purchase
-0.015 / 3
program ends and
0.007 / 4
the economic recovery strengthens.
0.018 / 4
In particular, the Committee
-0.0 / 4
decided to keep the
0.001 / 4
target range for the
0.028 / 4
federal funds rate at
0.008 / 5
0 to 1/4 percent and
0.011 / 4
currently anticipates that this
0.01 / 4
exceptionally low range for
0.025 / 4
the federal funds rate
0.023 / 4
will be appropriate at
-0.007 / 4
least as long as
-0.003 / 4
the unemployment rate remains
-0.014 / 4
above 6-1/2 percent, inflation
-0.014 / 3
between one and
-0.009 / 2
two years
-0.007 / 2
ahead is
-0.003 / 4
projected to be no
-0.015 / 8
more than a half percentage point above the
0.003
Committee’s
-0.008
2
-0.013 / 2
percent longer-run
-0.011
goal,
-0.017
and
-0.014 / 2
longer-term inflation
-0.013 / 2
expectations continue
0.036 / 16
to be well anchored. The Committee views these thresholds as consistent with its earlier date-based guidance.
-0.0 / 4
In determining how long
-0.002 / 4
to maintain a highly
0.044 / 8
accommodative stance of monetary policy, the Committee will
0.008 / 8
also consider other information, including additional measures of
-0.002 / 7
labor market conditions, indicators of inflation pressures
-0.002 / 4
and inflation expectations, and
0.02 / 2
readings on
0.011
financial
0.01
developments.
0.011 / 2
When the
0.012
Committee
0.012
decides
0.002 / 2
to begin
-0.003 / 2
to remove
0.013
policy
0.009
accommodation,
0.004
it
0.003
will
-0.001 / 2
take a
-0.001
balanced
0.002
approach
0.001 / 2
consistent with
-0.006 / 2
its longer-run
-0.01 / 2
goals of
-0.003 / 2
maximum employment
-0.008
and
-0.018 / 2
inflation of
-0.019 / 2
2 percent.
-0.1-0.2-0.3-0.400.10.2-0.167669-0.167669base value0.009043140.00904314fTreasury Yield 30 Years(inputs)0.044 accommodative stance of monetary policy, the Committee will 0.036 accommodative stance of monetary 0.036 to be well anchored. The Committee views these thresholds as consistent with its earlier date-based guidance. 0.028 federal funds rate at 0.025 the federal funds rate 0.023 will be appropriate at 0.02 readings on 0.019 policy will 0.018 In particular, the Committee 0.016 remain appropriate 0.015 the Committee 0.013 policy 0.013 expects that a highly 0.012 Committee 0.012 decides 0.011 When the 0.011 financial 0.011 currently anticipates that this 0.01 exceptionally low range for 0.01 developments. 0.009 price stability, 0.009 accommodation, 0.008 also consider other information, including additional measures of 0.008 0 to 1/4 percent and 0.007 the economic recovery strengthens. 0.004 it 0.003 will 0.003 Committee’s 0.002 to begin 0.002 approach 0.001 consistent with 0.001 target range for the 0.0 To support -0.019 2 percent. -0.018 inflation of -0.017 and -0.015 program ends and -0.015 more than a half percentage point above the -0.014 above 6-1/2 percent, inflation -0.014 between one and -0.014 longer-term inflation -0.013 expectations continue -0.013 for a considerable time -0.013 percent longer-run -0.011 goal, -0.01 goals of -0.009 two years -0.008 and -0.008 2 -0.007 least as long as -0.007 ahead is -0.006 its longer-run -0.005 continued progress -0.004 after the asset purchase -0.003 to remove -0.003 maximum employment -0.003 the unemployment rate remains -0.003 projected to be no -0.002 toward maximum -0.002 labor market conditions, indicators of inflation pressures -0.002 and inflation expectations, and -0.002 to maintain a highly -0.002 and -0.001 take a -0.001 balanced -0.001 employment -0.0 decided to keep the -0.0 In determining how long
inputs
0.0 / 2
To support
-0.005 / 2
continued progress
-0.002 / 2
toward maximum
-0.001
employment
-0.002
and
0.009 / 2
price stability,
0.015 / 2
the Committee
0.013 / 4
expects that a highly
0.036 / 4
accommodative stance of monetary
0.019 / 2
policy will
0.016 / 2
remain appropriate
-0.013 / 4
for a considerable time
-0.004 / 4
after the asset purchase
-0.015 / 3
program ends and
0.007 / 4
the economic recovery strengthens.
0.018 / 4
In particular, the Committee
-0.0 / 4
decided to keep the
0.001 / 4
target range for the
0.028 / 4
federal funds rate at
0.008 / 5
0 to 1/4 percent and
0.011 / 4
currently anticipates that this
0.01 / 4
exceptionally low range for
0.025 / 4
the federal funds rate
0.023 / 4
will be appropriate at
-0.007 / 4
least as long as
-0.003 / 4
the unemployment rate remains
-0.014 / 4
above 6-1/2 percent, inflation
-0.014 / 3
between one and
-0.009 / 2
two years
-0.007 / 2
ahead is
-0.003 / 4
projected to be no
-0.015 / 8
more than a half percentage point above the
0.003
Committee’s
-0.008
2
-0.013 / 2
percent longer-run
-0.011
goal,
-0.017
and
-0.014 / 2
longer-term inflation
-0.013 / 2
expectations continue
0.036 / 16
to be well anchored. The Committee views these thresholds as consistent with its earlier date-based guidance.
-0.0 / 4
In determining how long
-0.002 / 4
to maintain a highly
0.044 / 8
accommodative stance of monetary policy, the Committee will
0.008 / 8
also consider other information, including additional measures of
-0.002 / 7
labor market conditions, indicators of inflation pressures
-0.002 / 4
and inflation expectations, and
0.02 / 2
readings on
0.011
financial
0.01
developments.
0.011 / 2
When the
0.012
Committee
0.012
decides
0.002 / 2
to begin
-0.003 / 2
to remove
0.013
policy
0.009
accommodation,
0.004
it
0.003
will
-0.001 / 2
take a
-0.001
balanced
0.002
approach
0.001 / 2
consistent with
-0.006 / 2
its longer-run
-0.01 / 2
goals of
-0.003 / 2
maximum employment
-0.008
and
-0.018 / 2
inflation of
-0.019 / 2
2 percent.
May 09, 2010
outputs
S&P 500
Russell 2000
NASDAQ Composite
Volatility Index
13 Week Treasury Bill
Treasury Yield 30 Years


20-2-446-0.0208046-0.0208046base value-0.0412308-0.0412308fS&P 500(inputs)0.008 of Japan 0.006 will be 0.006 markets 0.005 and to prevent the spread of strains to other markets 0.004 are announcing 0.004 in U.S. dollar funding markets 0.003 measures soon. 0.003 in 0.002 of 0.002 considering similar 0.002 reestablishment 0.002 England, 0.002 strains 0.002 U.S. dollar 0.002 the 0.002 the 0.002 U.S. 0.002 financial centers. The Bank 0.001 and 0.001 funding markets. 0.001 Bank 0.001 National 0.001 dollar 0.0 European 0.0 Central 0.0 of 0.0 Bank, 0.0 Bank 0.0 Bank -0.008 help improve liquidity conditions -0.006 facilities are designed to -0.006 liquidity swap -0.006 to -0.005 short-term -0.005 funding -0.004 the -0.004 and -0.004 facilities. These -0.003 In -0.003 response -0.003 will -0.003 Canada, -0.003 continue -0.002 Central banks -0.002 the -0.002 of temporary -0.002 to -0.002 Europe, the -0.002 Reserve, -0.002 reemergence -0.002 needed -0.001 to work -0.001 pressures in -0.001 the Swiss -0.001 the -0.001 in -0.001 as -0.001 together closely -0.0 Federal -0.0 of -0.0 address
inputs
-0.003
In
-0.003
response
-0.006
to
-0.004
the
-0.002
reemergence
0.002
of
0.002
strains
-0.001
in
0.002
U.S.
0.001
dollar
-0.005
short-term
-0.005
funding
0.006
markets
0.003
in
-0.002 / 2
Europe, the
0.0
Bank
-0.0
of
-0.003
Canada,
-0.002
the
0.0
Bank
0.0
of
0.002
England,
0.002
the
0.0
European
0.0
Central
0.0
Bank,
-0.001
the
-0.0
Federal
-0.002
Reserve,
-0.004
and
-0.001 / 2
the Swiss
0.001
National
0.001
Bank
0.004 / 2
are announcing
0.002
the
0.002
reestablishment
-0.002 / 2
of temporary
0.002 / 2
U.S. dollar
-0.006 / 2
liquidity swap
-0.004 / 2
facilities. These
-0.006 / 4
facilities are designed to
-0.008 / 4
help improve liquidity conditions
0.004 / 5
in U.S. dollar funding markets
0.005 / 10
and to prevent the spread of strains to other markets
0.001
and
0.002 / 4
financial centers. The Bank
0.008 / 2
of Japan
0.006 / 2
will be
0.002 / 2
considering similar
0.003 / 2
measures soon.
-0.002 / 2
Central banks
-0.003
will
-0.003
continue
-0.001 / 2
to work
-0.001 / 2
together closely
-0.001
as
-0.002
needed
-0.002
to
-0.0
address
-0.001 / 2
pressures in
0.001 / 2
funding markets.
-0.03-0.06-0.0900.03-0.0208046-0.0208046base value-0.0412308-0.0412308fS&P 500(inputs)0.008 of Japan 0.006 will be 0.006 markets 0.005 and to prevent the spread of strains to other markets 0.004 are announcing 0.004 in U.S. dollar funding markets 0.003 measures soon. 0.003 in 0.002 of 0.002 considering similar 0.002 reestablishment 0.002 England, 0.002 strains 0.002 U.S. dollar 0.002 the 0.002 the 0.002 U.S. 0.002 financial centers. The Bank 0.001 and 0.001 funding markets. 0.001 Bank 0.001 National 0.001 dollar 0.0 European 0.0 Central 0.0 of 0.0 Bank, 0.0 Bank 0.0 Bank -0.008 help improve liquidity conditions -0.006 facilities are designed to -0.006 liquidity swap -0.006 to -0.005 short-term -0.005 funding -0.004 the -0.004 and -0.004 facilities. These -0.003 In -0.003 response -0.003 will -0.003 Canada, -0.003 continue -0.002 Central banks -0.002 the -0.002 of temporary -0.002 to -0.002 Europe, the -0.002 Reserve, -0.002 reemergence -0.002 needed -0.001 to work -0.001 pressures in -0.001 the Swiss -0.001 the -0.001 in -0.001 as -0.001 together closely -0.0 Federal -0.0 of -0.0 address
inputs
-0.003
In
-0.003
response
-0.006
to
-0.004
the
-0.002
reemergence
0.002
of
0.002
strains
-0.001
in
0.002
U.S.
0.001
dollar
-0.005
short-term
-0.005
funding
0.006
markets
0.003
in
-0.002 / 2
Europe, the
0.0
Bank
-0.0
of
-0.003
Canada,
-0.002
the
0.0
Bank
0.0
of
0.002
England,
0.002
the
0.0
European
0.0
Central
0.0
Bank,
-0.001
the
-0.0
Federal
-0.002
Reserve,
-0.004
and
-0.001 / 2
the Swiss
0.001
National
0.001
Bank
0.004 / 2
are announcing
0.002
the
0.002
reestablishment
-0.002 / 2
of temporary
0.002 / 2
U.S. dollar
-0.006 / 2
liquidity swap
-0.004 / 2
facilities. These
-0.006 / 4
facilities are designed to
-0.008 / 4
help improve liquidity conditions
0.004 / 5
in U.S. dollar funding markets
0.005 / 10
and to prevent the spread of strains to other markets
0.001
and
0.002 / 4
financial centers. The Bank
0.008 / 2
of Japan
0.006 / 2
will be
0.002 / 2
considering similar
0.003 / 2
measures soon.
-0.002 / 2
Central banks
-0.003
will
-0.003
continue
-0.001 / 2
to work
-0.001 / 2
together closely
-0.001
as
-0.002
needed
-0.002
to
-0.0
address
-0.001 / 2
pressures in
0.001 / 2
funding markets.
20-2-446-0.0379724-0.0379724base value-0.0100524-0.0100524fRussell 2000(inputs)0.016 strains 0.014 and to prevent the spread of strains to other markets 0.013 markets 0.011 of Japan 0.009 will be 0.007 measures soon. 0.006 in 0.006 Bank, 0.005 financial centers. The Bank 0.005 considering similar 0.005 England, 0.005 Bank 0.005 of 0.004 Bank 0.004 the 0.004 Central 0.004 and 0.004 European 0.003 Europe, the 0.002 U.S. dollar 0.002 in U.S. dollar funding markets 0.002 of 0.002 Federal 0.002 Bank 0.001 funding markets. 0.001 together closely 0.001 are announcing 0.001 reestablishment 0.001 the 0.001 National 0.001 Reserve, 0.001 U.S. 0.001 of 0.0 the 0.0 address -0.013 help improve liquidity conditions -0.011 liquidity swap -0.009 funding -0.009 short-term -0.007 facilities. These -0.007 facilities are designed to -0.006 to -0.006 reemergence -0.005 the -0.005 in -0.005 will -0.004 continue -0.004 of temporary -0.003 dollar -0.003 In -0.003 and -0.003 to -0.002 needed -0.002 pressures in -0.002 response -0.002 Canada, -0.002 the -0.002 the Swiss -0.001 Central banks -0.001 as -0.001 to work
inputs
-0.003
In
-0.002
response
-0.006
to
-0.005
the
-0.006
reemergence
0.005
of
0.016
strains
-0.005
in
0.001
U.S.
-0.003
dollar
-0.009
short-term
-0.009
funding
0.013
markets
0.006
in
0.003 / 2
Europe, the
0.004
Bank
0.001
of
-0.002
Canada,
-0.002
the
0.005
Bank
0.002
of
0.005
England,
0.004
the
0.004
European
0.004
Central
0.006
Bank,
0.0
the
0.002
Federal
0.001
Reserve,
-0.003
and
-0.002 / 2
the Swiss
0.001
National
0.002
Bank
0.001 / 2
are announcing
0.001
the
0.001
reestablishment
-0.004 / 2
of temporary
0.002 / 2
U.S. dollar
-0.011 / 2
liquidity swap
-0.007 / 2
facilities. These
-0.007 / 4
facilities are designed to
-0.013 / 4
help improve liquidity conditions
0.002 / 5
in U.S. dollar funding markets
0.014 / 10
and to prevent the spread of strains to other markets
0.004
and
0.005 / 4
financial centers. The Bank
0.011 / 2
of Japan
0.009 / 2
will be
0.005 / 2
considering similar
0.007 / 2
measures soon.
-0.001 / 2
Central banks
-0.005
will
-0.004
continue
-0.001 / 2
to work
0.001 / 2
together closely
-0.001
as
-0.002
needed
-0.003
to
0.0
address
-0.002 / 2
pressures in
0.001 / 2
funding markets.
-0-0-0-0-0-0-0-0-0-0000000000-0.0379724-0.0379724base value-0.0100524-0.0100524fRussell 2000(inputs)0.016 strains 0.014 and to prevent the spread of strains to other markets 0.013 markets 0.011 of Japan 0.009 will be 0.007 measures soon. 0.006 in 0.006 Bank, 0.005 financial centers. The Bank 0.005 considering similar 0.005 England, 0.005 Bank 0.005 of 0.004 Bank 0.004 the 0.004 Central 0.004 and 0.004 European 0.003 Europe, the 0.002 U.S. dollar 0.002 in U.S. dollar funding markets 0.002 of 0.002 Federal 0.002 Bank 0.001 funding markets. 0.001 together closely 0.001 are announcing 0.001 reestablishment 0.001 the 0.001 National 0.001 Reserve, 0.001 U.S. 0.001 of 0.0 the 0.0 address -0.013 help improve liquidity conditions -0.011 liquidity swap -0.009 funding -0.009 short-term -0.007 facilities. These -0.007 facilities are designed to -0.006 to -0.006 reemergence -0.005 the -0.005 in -0.005 will -0.004 continue -0.004 of temporary -0.003 dollar -0.003 In -0.003 and -0.003 to -0.002 needed -0.002 pressures in -0.002 response -0.002 Canada, -0.002 the -0.002 the Swiss -0.001 Central banks -0.001 as -0.001 to work
inputs
-0.003
In
-0.002
response
-0.006
to
-0.005
the
-0.006
reemergence
0.005
of
0.016
strains
-0.005
in
0.001
U.S.
-0.003
dollar
-0.009
short-term
-0.009
funding
0.013
markets
0.006
in
0.003 / 2
Europe, the
0.004
Bank
0.001
of
-0.002
Canada,
-0.002
the
0.005
Bank
0.002
of
0.005
England,
0.004
the
0.004
European
0.004
Central
0.006
Bank,
0.0
the
0.002
Federal
0.001
Reserve,
-0.003
and
-0.002 / 2
the Swiss
0.001
National
0.002
Bank
0.001 / 2
are announcing
0.001
the
0.001
reestablishment
-0.004 / 2
of temporary
0.002 / 2
U.S. dollar
-0.011 / 2
liquidity swap
-0.007 / 2
facilities. These
-0.007 / 4
facilities are designed to
-0.013 / 4
help improve liquidity conditions
0.002 / 5
in U.S. dollar funding markets
0.014 / 10
and to prevent the spread of strains to other markets
0.004
and
0.005 / 4
financial centers. The Bank
0.011 / 2
of Japan
0.009 / 2
will be
0.005 / 2
considering similar
0.007 / 2
measures soon.
-0.001 / 2
Central banks
-0.005
will
-0.004
continue
-0.001 / 2
to work
0.001 / 2
together closely
-0.001
as
-0.002
needed
-0.003
to
0.0
address
-0.002 / 2
pressures in
0.001 / 2
funding markets.
20-2-446-0.00951516-0.00951516base value-0.0523932-0.0523932fNASDAQ Composite(inputs)0.008 are announcing 0.008 of Japan 0.008 strains 0.006 will be 0.004 of 0.004 reestablishment 0.003 the 0.003 measures soon. 0.003 and to prevent the spread of strains to other markets 0.002 reemergence 0.002 considering similar 0.002 in 0.002 in U.S. dollar funding markets 0.001 National 0.001 U.S. 0.001 Bank 0.001 the 0.001 England, 0.001 dollar 0.001 U.S. dollar 0.001 financial centers. The Bank 0.0 in 0.0 and 0.0 of -0.006 help improve liquidity conditions -0.006 liquidity swap -0.006 to -0.006 Central banks -0.005 facilities are designed to -0.005 and -0.005 response -0.004 the -0.004 In -0.004 Europe, the -0.004 short-term -0.004 Reserve, -0.004 will -0.004 facilities. These -0.004 continue -0.004 funding -0.003 Federal -0.003 Canada, -0.003 to work -0.003 the -0.002 together closely -0.002 of temporary -0.002 to -0.002 needed -0.002 the -0.002 pressures in -0.001 Bank, -0.001 Central -0.001 as -0.001 Bank -0.001 markets -0.001 European -0.001 funding markets. -0.001 Bank -0.001 the Swiss -0.0 of -0.0 address
inputs
-0.004
In
-0.005
response
-0.006
to
-0.004
the
0.002
reemergence
0.004
of
0.008
strains
0.002
in
0.001
U.S.
0.001
dollar
-0.004
short-term
-0.004
funding
-0.001
markets
0.0
in
-0.004 / 2
Europe, the
-0.001
Bank
0.0
of
-0.003
Canada,
-0.003
the
-0.001
Bank
-0.0
of
0.001
England,
0.001
the
-0.001
European
-0.001
Central
-0.001
Bank,
-0.002
the
-0.003
Federal
-0.004
Reserve,
-0.005
and
-0.001 / 2
the Swiss
0.001
National
0.001
Bank
0.008 / 2
are announcing
0.003
the
0.004
reestablishment
-0.002 / 2
of temporary
0.001 / 2
U.S. dollar
-0.006 / 2
liquidity swap
-0.004 / 2
facilities. These
-0.005 / 4
facilities are designed to
-0.006 / 4
help improve liquidity conditions
0.002 / 5
in U.S. dollar funding markets
0.003 / 10
and to prevent the spread of strains to other markets
0.0
and
0.001 / 4
financial centers. The Bank
0.008 / 2
of Japan
0.006 / 2
will be
0.002 / 2
considering similar
0.003 / 2
measures soon.
-0.006 / 2
Central banks
-0.004
will
-0.004
continue
-0.003 / 2
to work
-0.002 / 2
together closely
-0.001
as
-0.002
needed
-0.002
to
-0.0
address
-0.002 / 2
pressures in
-0.001 / 2
funding markets.
-0.03-0.06-0.0900.03-0.00951516-0.00951516base value-0.0523932-0.0523932fNASDAQ Composite(inputs)0.008 are announcing 0.008 of Japan 0.008 strains 0.006 will be 0.004 of 0.004 reestablishment 0.003 the 0.003 measures soon. 0.003 and to prevent the spread of strains to other markets 0.002 reemergence 0.002 considering similar 0.002 in 0.002 in U.S. dollar funding markets 0.001 National 0.001 U.S. 0.001 Bank 0.001 the 0.001 England, 0.001 dollar 0.001 U.S. dollar 0.001 financial centers. The Bank 0.0 in 0.0 and 0.0 of -0.006 help improve liquidity conditions -0.006 liquidity swap -0.006 to -0.006 Central banks -0.005 facilities are designed to -0.005 and -0.005 response -0.004 the -0.004 In -0.004 Europe, the -0.004 short-term -0.004 Reserve, -0.004 will -0.004 facilities. These -0.004 continue -0.004 funding -0.003 Federal -0.003 Canada, -0.003 to work -0.003 the -0.002 together closely -0.002 of temporary -0.002 to -0.002 needed -0.002 the -0.002 pressures in -0.001 Bank, -0.001 Central -0.001 as -0.001 Bank -0.001 markets -0.001 European -0.001 funding markets. -0.001 Bank -0.001 the Swiss -0.0 of -0.0 address
inputs
-0.004
In
-0.005
response
-0.006
to
-0.004
the
0.002
reemergence
0.004
of
0.008
strains
0.002
in
0.001
U.S.
0.001
dollar
-0.004
short-term
-0.004
funding
-0.001
markets
0.0
in
-0.004 / 2
Europe, the
-0.001
Bank
0.0
of
-0.003
Canada,
-0.003
the
-0.001
Bank
-0.0
of
0.001
England,
0.001
the
-0.001
European
-0.001
Central
-0.001
Bank,
-0.002
the
-0.003
Federal
-0.004
Reserve,
-0.005
and
-0.001 / 2
the Swiss
0.001
National
0.001
Bank
0.008 / 2
are announcing
0.003
the
0.004
reestablishment
-0.002 / 2
of temporary
0.001 / 2
U.S. dollar
-0.006 / 2
liquidity swap
-0.004 / 2
facilities. These
-0.005 / 4
facilities are designed to
-0.006 / 4
help improve liquidity conditions
0.002 / 5
in U.S. dollar funding markets
0.003 / 10
and to prevent the spread of strains to other markets
0.0
and
0.001 / 4
financial centers. The Bank
0.008 / 2
of Japan
0.006 / 2
will be
0.002 / 2
considering similar
0.003 / 2
measures soon.
-0.006 / 2
Central banks
-0.004
will
-0.004
continue
-0.003 / 2
to work
-0.002 / 2
together closely
-0.001
as
-0.002
needed
-0.002
to
-0.0
address
-0.002 / 2
pressures in
-0.001 / 2
funding markets.
20-2-446-0.0516021-0.0516021base value-0.107851-0.107851fVolatility Index(inputs)0.053 help improve liquidity conditions 0.052 funding 0.049 short-term 0.033 facilities are designed to 0.033 liquidity swap 0.023 and 0.02 facilities. These 0.019 to 0.015 the Swiss 0.015 in 0.014 pressures in 0.013 Reserve, 0.013 to 0.011 dollar 0.01 the 0.009 funding markets. 0.009 reemergence 0.008 Canada, 0.008 in U.S. dollar funding markets 0.007 needed 0.007 Federal 0.004 as 0.004 the 0.003 In 0.003 continue 0.001 will -0.063 and to prevent the spread of strains to other markets -0.045 of Japan -0.035 will be -0.034 strains -0.031 markets -0.023 of -0.019 Bank, -0.017 U.S. dollar -0.015 reestablishment -0.014 in -0.014 Central -0.014 Bank -0.013 Bank -0.013 the -0.013 European -0.013 financial centers. The Bank -0.012 National -0.012 Central banks -0.011 Bank -0.011 and -0.01 together closely -0.008 the -0.008 England, -0.007 measures soon. -0.006 are announcing -0.005 Europe, the -0.005 of -0.005 considering similar -0.003 of -0.003 response -0.003 to work -0.002 the -0.002 of temporary -0.001 U.S. -0.0 address
inputs
0.003
In
-0.003
response
0.019
to
0.01
the
0.009
reemergence
-0.023
of
-0.034
strains
0.015
in
-0.001
U.S.
0.011
dollar
0.049
short-term
0.052
funding
-0.031
markets
-0.014
in
-0.005 / 2
Europe, the
-0.013
Bank
-0.003
of
0.008
Canada,
0.004
the
-0.011
Bank
-0.005
of
-0.008
England,
-0.008
the
-0.013
European
-0.014
Central
-0.019
Bank,
-0.002
the
0.007
Federal
0.013
Reserve,
0.023
and
0.015 / 2
the Swiss
-0.012
National
-0.014
Bank
-0.006 / 2
are announcing
-0.013
the
-0.015
reestablishment
-0.002 / 2
of temporary
-0.017 / 2
U.S. dollar
0.033 / 2
liquidity swap
0.02 / 2
facilities. These
0.033 / 4
facilities are designed to
0.053 / 4
help improve liquidity conditions
0.008 / 5
in U.S. dollar funding markets
-0.063 / 10
and to prevent the spread of strains to other markets
-0.011
and
-0.013 / 4
financial centers. The Bank
-0.045 / 2
of Japan
-0.035 / 2
will be
-0.005 / 2
considering similar
-0.007 / 2
measures soon.
-0.012 / 2
Central banks
0.001
will
0.003
continue
-0.003 / 2
to work
-0.01 / 2
together closely
0.004
as
0.007
needed
0.013
to
-0.0
address
0.014 / 2
pressures in
0.009 / 2
funding markets.
-0.1-0.3-0.50.10.3-0.0516021-0.0516021base value-0.107851-0.107851fVolatility Index(inputs)0.053 help improve liquidity conditions 0.052 funding 0.049 short-term 0.033 facilities are designed to 0.033 liquidity swap 0.023 and 0.02 facilities. These 0.019 to 0.015 the Swiss 0.015 in 0.014 pressures in 0.013 Reserve, 0.013 to 0.011 dollar 0.01 the 0.009 funding markets. 0.009 reemergence 0.008 Canada, 0.008 in U.S. dollar funding markets 0.007 needed 0.007 Federal 0.004 as 0.004 the 0.003 In 0.003 continue 0.001 will -0.063 and to prevent the spread of strains to other markets -0.045 of Japan -0.035 will be -0.034 strains -0.031 markets -0.023 of -0.019 Bank, -0.017 U.S. dollar -0.015 reestablishment -0.014 in -0.014 Central -0.014 Bank -0.013 Bank -0.013 the -0.013 European -0.013 financial centers. The Bank -0.012 National -0.012 Central banks -0.011 Bank -0.011 and -0.01 together closely -0.008 the -0.008 England, -0.007 measures soon. -0.006 are announcing -0.005 Europe, the -0.005 of -0.005 considering similar -0.003 of -0.003 response -0.003 to work -0.002 the -0.002 of temporary -0.001 U.S. -0.0 address
inputs
0.003
In
-0.003
response
0.019
to
0.01
the
0.009
reemergence
-0.023
of
-0.034
strains
0.015
in
-0.001
U.S.
0.011
dollar
0.049
short-term
0.052
funding
-0.031
markets
-0.014
in
-0.005 / 2
Europe, the
-0.013
Bank
-0.003
of
0.008
Canada,
0.004
the
-0.011
Bank
-0.005
of
-0.008
England,
-0.008
the
-0.013
European
-0.014
Central
-0.019
Bank,
-0.002
the
0.007
Federal
0.013
Reserve,
0.023
and
0.015 / 2
the Swiss
-0.012
National
-0.014
Bank
-0.006 / 2
are announcing
-0.013
the
-0.015
reestablishment
-0.002 / 2
of temporary
-0.017 / 2
U.S. dollar
0.033 / 2
liquidity swap
0.02 / 2
facilities. These
0.033 / 4
facilities are designed to
0.053 / 4
help improve liquidity conditions
0.008 / 5
in U.S. dollar funding markets
-0.063 / 10
and to prevent the spread of strains to other markets
-0.011
and
-0.013 / 4
financial centers. The Bank
-0.045 / 2
of Japan
-0.035 / 2
will be
-0.005 / 2
considering similar
-0.007 / 2
measures soon.
-0.012 / 2
Central banks
0.001
will
0.003
continue
-0.003 / 2
to work
-0.01 / 2
together closely
0.004
as
0.007
needed
0.013
to
-0.0
address
0.014 / 2
pressures in
0.009 / 2
funding markets.
20-2-4460.1338250.133825base value3.538463.53846f13 Week Treasury Bill(inputs)1.756 strains 0.501 Bank 0.477 reemergence 0.437 the Swiss 0.408 Bank 0.395 Bank 0.389 of 0.372 reestablishment 0.335 the 0.294 National 0.275 Bank, 0.261 help improve liquidity conditions 0.257 are announcing 0.253 dollar 0.236 in 0.143 U.S. 0.108 financial centers. The Bank 0.092 and to prevent the spread of strains to other markets 0.089 of Japan 0.076 in U.S. dollar funding markets 0.067 of 0.057 funding 0.053 facilities are designed to 0.052 will be 0.04 measures soon. 0.032 and 0.031 of 0.03 considering similar 0.024 short-term 0.015 funding markets. -0.415 markets -0.385 and -0.328 of temporary -0.322 liquidity swap -0.287 Europe, the -0.216 in -0.206 together closely -0.204 to work -0.158 response -0.152 U.S. dollar -0.145 to -0.141 facilities. These -0.116 Federal -0.114 Central -0.111 to -0.111 Reserve, -0.107 will -0.068 Canada, -0.06 as -0.057 European -0.057 In -0.056 the -0.052 needed -0.049 address -0.048 England, -0.047 continue -0.043 the -0.038 the -0.037 Central banks -0.017 the -0.004 pressures in
inputs
-0.057
In
-0.158
response
-0.145
to
-0.056
the
0.477
reemergence
0.389
of
1.756
strains
0.236
in
0.143
U.S.
0.253
dollar
0.024
short-term
0.057
funding
-0.415
markets
-0.216
in
-0.287 / 2
Europe, the
0.501
Bank
0.067
of
-0.068
Canada,
-0.043
the
0.408
Bank
0.031
of
-0.048
England,
-0.017
the
-0.057
European
-0.114
Central
0.275
Bank,
-0.038
the
-0.116
Federal
-0.111
Reserve,
-0.385
and
0.437 / 2
the Swiss
0.294
National
0.395
Bank
0.257 / 2
are announcing
0.335
the
0.372
reestablishment
-0.328 / 2
of temporary
-0.152 / 2
U.S. dollar
-0.322 / 2
liquidity swap
-0.141 / 2
facilities. These
0.053 / 4
facilities are designed to
0.261 / 4
help improve liquidity conditions
0.076 / 5
in U.S. dollar funding markets
0.092 / 10
and to prevent the spread of strains to other markets
0.032
and
0.108 / 4
financial centers. The Bank
0.089 / 2
of Japan
0.052 / 2
will be
0.03 / 2
considering similar
0.04 / 2
measures soon.
-0.037 / 2
Central banks
-0.107
will
-0.047
continue
-0.204 / 2
to work
-0.206 / 2
together closely
-0.06
as
-0.052
needed
-0.111
to
-0.049
address
-0.004 / 2
pressures in
0.015 / 2
funding markets.
20-2-4460.1338250.133825base value3.538463.53846f13 Week Treasury Bill(inputs)1.756 strains 0.501 Bank 0.477 reemergence 0.437 the Swiss 0.408 Bank 0.395 Bank 0.389 of 0.372 reestablishment 0.335 the 0.294 National 0.275 Bank, 0.261 help improve liquidity conditions 0.257 are announcing 0.253 dollar 0.236 in 0.143 U.S. 0.108 financial centers. The Bank 0.092 and to prevent the spread of strains to other markets 0.089 of Japan 0.076 in U.S. dollar funding markets 0.067 of 0.057 funding 0.053 facilities are designed to 0.052 will be 0.04 measures soon. 0.032 and 0.031 of 0.03 considering similar 0.024 short-term 0.015 funding markets. -0.415 markets -0.385 and -0.328 of temporary -0.322 liquidity swap -0.287 Europe, the -0.216 in -0.206 together closely -0.204 to work -0.158 response -0.152 U.S. dollar -0.145 to -0.141 facilities. These -0.116 Federal -0.114 Central -0.111 to -0.111 Reserve, -0.107 will -0.068 Canada, -0.06 as -0.057 European -0.057 In -0.056 the -0.052 needed -0.049 address -0.048 England, -0.047 continue -0.043 the -0.038 the -0.037 Central banks -0.017 the -0.004 pressures in
inputs
-0.057
In
-0.158
response
-0.145
to
-0.056
the
0.477
reemergence
0.389
of
1.756
strains
0.236
in
0.143
U.S.
0.253
dollar
0.024
short-term
0.057
funding
-0.415
markets
-0.216
in
-0.287 / 2
Europe, the
0.501
Bank
0.067
of
-0.068
Canada,
-0.043
the
0.408
Bank
0.031
of
-0.048
England,
-0.017
the
-0.057
European
-0.114
Central
0.275
Bank,
-0.038
the
-0.116
Federal
-0.111
Reserve,
-0.385
and
0.437 / 2
the Swiss
0.294
National
0.395
Bank
0.257 / 2
are announcing
0.335
the
0.372
reestablishment
-0.328 / 2
of temporary
-0.152 / 2
U.S. dollar
-0.322 / 2
liquidity swap
-0.141 / 2
facilities. These
0.053 / 4
facilities are designed to
0.261 / 4
help improve liquidity conditions
0.076 / 5
in U.S. dollar funding markets
0.092 / 10
and to prevent the spread of strains to other markets
0.032
and
0.108 / 4
financial centers. The Bank
0.089 / 2
of Japan
0.052 / 2
will be
0.03 / 2
considering similar
0.04 / 2
measures soon.
-0.037 / 2
Central banks
-0.107
will
-0.047
continue
-0.204 / 2
to work
-0.206 / 2
together closely
-0.06
as
-0.052
needed
-0.111
to
-0.049
address
-0.004 / 2
pressures in
0.015 / 2
funding markets.
20-2-446-0.167669-0.167669base value-0.0136541-0.0136541fTreasury Yield 30 Years(inputs)0.02 and to prevent the spread of strains to other markets 0.016 of Japan 0.013 will be 0.012 Bank, 0.011 in U.S. dollar funding markets 0.011 Bank 0.011 National 0.01 Bank 0.009 the Swiss 0.009 Bank 0.008 U.S. 0.008 dollar 0.007 U.S. dollar 0.007 Central banks 0.007 financial centers. The Bank 0.006 and 0.006 Central 0.005 measures soon. 0.005 together closely 0.005 Federal 0.005 the 0.005 strains 0.004 considering similar 0.004 England, 0.004 Europe, the 0.004 European 0.004 of 0.003 funding markets. 0.003 reestablishment 0.002 the 0.002 address 0.002 response 0.002 the 0.0 to work 0.0 In 0.0 the -0.011 and -0.01 liquidity swap -0.007 facilities. These -0.006 markets -0.005 to -0.005 short-term -0.004 are announcing -0.003 in -0.003 help improve liquidity conditions -0.003 to -0.003 in -0.002 Canada, -0.002 funding -0.002 pressures in -0.002 continue -0.002 Reserve, -0.001 needed -0.001 the -0.001 reemergence -0.001 will -0.001 of -0.0 facilities are designed to -0.0 of -0.0 of temporary -0.0 as
inputs
0.0
In
0.002
response
-0.005
to
-0.001
the
-0.001
reemergence
0.004
of
0.005
strains
-0.003
in
0.008
U.S.
0.008
dollar
-0.005
short-term
-0.002
funding
-0.006
markets
-0.003
in
0.004 / 2
Europe, the
0.01
Bank
-0.001
of
-0.002
Canada,
0.0
the
0.009
Bank
-0.0
of
0.004
England,
0.005
the
0.004
European
0.006
Central
0.012
Bank,
0.002
the
0.005
Federal
-0.002
Reserve,
-0.011
and
0.009 / 2
the Swiss
0.011
National
0.011
Bank
-0.004 / 2
are announcing
0.002
the
0.003
reestablishment
-0.0 / 2
of temporary
0.007 / 2
U.S. dollar
-0.01 / 2
liquidity swap
-0.007 / 2
facilities. These
-0.0 / 4
facilities are designed to
-0.003 / 4
help improve liquidity conditions
0.011 / 5
in U.S. dollar funding markets
0.02 / 10
and to prevent the spread of strains to other markets
0.006
and
0.007 / 4
financial centers. The Bank
0.016 / 2
of Japan
0.013 / 2
will be
0.004 / 2
considering similar
0.005 / 2
measures soon.
0.007 / 2
Central banks
-0.001
will
-0.002
continue
0.0 / 2
to work
0.005 / 2
together closely
-0.0
as
-0.001
needed
-0.003
to
0.002
address
-0.002 / 2
pressures in
0.003 / 2
funding markets.
-0.1-0.20-0.167669-0.167669base value-0.0136541-0.0136541fTreasury Yield 30 Years(inputs)0.02 and to prevent the spread of strains to other markets 0.016 of Japan 0.013 will be 0.012 Bank, 0.011 in U.S. dollar funding markets 0.011 Bank 0.011 National 0.01 Bank 0.009 the Swiss 0.009 Bank 0.008 U.S. 0.008 dollar 0.007 U.S. dollar 0.007 Central banks 0.007 financial centers. The Bank 0.006 and 0.006 Central 0.005 measures soon. 0.005 together closely 0.005 Federal 0.005 the 0.005 strains 0.004 considering similar 0.004 England, 0.004 Europe, the 0.004 European 0.004 of 0.003 funding markets. 0.003 reestablishment 0.002 the 0.002 address 0.002 response 0.002 the 0.0 to work 0.0 In 0.0 the -0.011 and -0.01 liquidity swap -0.007 facilities. These -0.006 markets -0.005 to -0.005 short-term -0.004 are announcing -0.003 in -0.003 help improve liquidity conditions -0.003 to -0.003 in -0.002 Canada, -0.002 funding -0.002 pressures in -0.002 continue -0.002 Reserve, -0.001 needed -0.001 the -0.001 reemergence -0.001 will -0.001 of -0.0 facilities are designed to -0.0 of -0.0 of temporary -0.0 as
inputs
0.0
In
0.002
response
-0.005
to
-0.001
the
-0.001
reemergence
0.004
of
0.005
strains
-0.003
in
0.008
U.S.
0.008
dollar
-0.005
short-term
-0.002
funding
-0.006
markets
-0.003
in
0.004 / 2
Europe, the
0.01
Bank
-0.001
of
-0.002
Canada,
0.0
the
0.009
Bank
-0.0
of
0.004
England,
0.005
the
0.004
European
0.006
Central
0.012
Bank,
0.002
the
0.005
Federal
-0.002
Reserve,
-0.011
and
0.009 / 2
the Swiss
0.011
National
0.011
Bank
-0.004 / 2
are announcing
0.002
the
0.003
reestablishment
-0.0 / 2
of temporary
0.007 / 2
U.S. dollar
-0.01 / 2
liquidity swap
-0.007 / 2
facilities. These
-0.0 / 4
facilities are designed to
-0.003 / 4
help improve liquidity conditions
0.011 / 5
in U.S. dollar funding markets
0.02 / 10
and to prevent the spread of strains to other markets
0.006
and
0.007 / 4
financial centers. The Bank
0.016 / 2
of Japan
0.013 / 2
will be
0.004 / 2
considering similar
0.005 / 2
measures soon.
0.007 / 2
Central banks
-0.001
will
-0.002
continue
0.0 / 2
to work
0.005 / 2
together closely
-0.0
as
-0.001
needed
-0.003
to
0.002
address
-0.002 / 2
pressures in
0.003 / 2
funding markets.
December 12, 2012
outputs
S&P 500
Russell 2000
NASDAQ Composite
Volatility Index
13 Week Treasury Bill
Treasury Yield 30 Years


0-2-4-6246-0.0208046-0.0208046base value-0.0263421-0.0263421fS&P 500(inputs)0.024 funds rate 0.016 at 2-1/4 to 2-1/2 0.011 rate may 0.011 Consistent with its statutory 0.01 the federal 0.007 mandate, the 0.007 to view sustained expansion 0.007 Committee seeks 0.006 determines 0.005 what 0.005 percent. The 0.005 funds 0.004 federal 0.004 Committee continues 0.003 maximum employment 0.002 financial 0.002 of economic activity, strong 0.002 Committee 0.002 and 0.002 to foster 0.002 developments 0.001 the 0.001 will 0.001 for 0.001 target 0.001 as -0.01 pressures, the -0.009 outcomes. -0.008 goals, -0.007 future -0.007 of these -0.006 maintain -0.006 outcomes. In light of -0.006 adjustments -0.006 price stability. -0.006 to -0.005 these -0.005 the -0.005 In support -0.005 decided -0.005 global economic and -0.004 inflation -0.004 patient -0.004 muted -0.004 symmetric 2 percent objective -0.004 labor market conditions, and -0.003 to -0.003 be -0.003 inflation near -0.003 for -0.002 as the -0.002 range -0.002 most likely -0.002 the Committee's -0.002 the -0.002 support -0.001 to -0.001 target -0.001 the -0.001 it -0.001 and -0.001 appropriate -0.001 range -0.001 Committee -0.0 be
inputs
0.011 / 4
Consistent with its statutory
0.007 / 2
mandate, the
0.007 / 2
Committee seeks
0.002 / 2
to foster
0.003 / 2
maximum employment
0.002
and
-0.006 / 2
price stability.
-0.005 / 2
In support
-0.007 / 2
of these
-0.008
goals,
-0.005
the
-0.001
Committee
-0.005
decided
-0.006
to
-0.006
maintain
-0.001
the
-0.001
target
-0.002
range
-0.003
for
0.01 / 2
the federal
0.024 / 2
funds rate
0.016 / 4
at 2-1/4 to 2-1/2
0.005 / 2
percent. The
0.004 / 2
Committee continues
0.007 / 4
to view sustained expansion
0.002 / 4
of economic activity, strong
-0.004 / 4
labor market conditions, and
-0.003 / 2
inflation near
-0.002 / 2
the Committee's
-0.004 / 4
symmetric 2 percent objective
-0.002 / 2
as the
-0.002 / 2
most likely
-0.006 / 4
outcomes. In light of
-0.005 / 3
global economic and
0.002
financial
0.002
developments
-0.001
and
-0.004
muted
-0.004
inflation
-0.01 / 2
pressures, the
0.002
Committee
0.001
will
-0.003
be
-0.004
patient
0.001
as
-0.001
it
0.006
determines
0.005
what
-0.007
future
-0.006
adjustments
-0.003
to
-0.002
the
0.001
target
-0.001
range
0.001
for
0.001
the
0.004
federal
0.005
funds
0.011 / 2
rate may
-0.0
be
-0.001
appropriate
-0.001
to
-0.002
support
-0.005
these
-0.009
outcomes.
-0-0-0-0-0-0-0-0-0-0000000000-0.0208046-0.0208046base value-0.0263421-0.0263421fS&P 500(inputs)0.024 funds rate 0.016 at 2-1/4 to 2-1/2 0.011 rate may 0.011 Consistent with its statutory 0.01 the federal 0.007 mandate, the 0.007 to view sustained expansion 0.007 Committee seeks 0.006 determines 0.005 what 0.005 percent. The 0.005 funds 0.004 federal 0.004 Committee continues 0.003 maximum employment 0.002 financial 0.002 of economic activity, strong 0.002 Committee 0.002 and 0.002 to foster 0.002 developments 0.001 the 0.001 will 0.001 for 0.001 target 0.001 as -0.01 pressures, the -0.009 outcomes. -0.008 goals, -0.007 future -0.007 of these -0.006 maintain -0.006 outcomes. In light of -0.006 adjustments -0.006 price stability. -0.006 to -0.005 these -0.005 the -0.005 In support -0.005 decided -0.005 global economic and -0.004 inflation -0.004 patient -0.004 muted -0.004 symmetric 2 percent objective -0.004 labor market conditions, and -0.003 to -0.003 be -0.003 inflation near -0.003 for -0.002 as the -0.002 range -0.002 most likely -0.002 the Committee's -0.002 the -0.002 support -0.001 to -0.001 target -0.001 the -0.001 it -0.001 and -0.001 appropriate -0.001 range -0.001 Committee -0.0 be
inputs
0.011 / 4
Consistent with its statutory
0.007 / 2
mandate, the
0.007 / 2
Committee seeks
0.002 / 2
to foster
0.003 / 2
maximum employment
0.002
and
-0.006 / 2
price stability.
-0.005 / 2
In support
-0.007 / 2
of these
-0.008
goals,
-0.005
the
-0.001
Committee
-0.005
decided
-0.006
to
-0.006
maintain
-0.001
the
-0.001
target
-0.002
range
-0.003
for
0.01 / 2
the federal
0.024 / 2
funds rate
0.016 / 4
at 2-1/4 to 2-1/2
0.005 / 2
percent. The
0.004 / 2
Committee continues
0.007 / 4
to view sustained expansion
0.002 / 4
of economic activity, strong
-0.004 / 4
labor market conditions, and
-0.003 / 2
inflation near
-0.002 / 2
the Committee's
-0.004 / 4
symmetric 2 percent objective
-0.002 / 2
as the
-0.002 / 2
most likely
-0.006 / 4
outcomes. In light of
-0.005 / 3
global economic and
0.002
financial
0.002
developments
-0.001
and
-0.004
muted
-0.004
inflation
-0.01 / 2
pressures, the
0.002
Committee
0.001
will
-0.003
be
-0.004
patient
0.001
as
-0.001
it
0.006
determines
0.005
what
-0.007
future
-0.006
adjustments
-0.003
to
-0.002
the
0.001
target
-0.001
range
0.001
for
0.001
the
0.004
federal
0.005
funds
0.011 / 2
rate may
-0.0
be
-0.001
appropriate
-0.001
to
-0.002
support
-0.005
these
-0.009
outcomes.
0-2-4-6246-0.0379724-0.0379724base value-0.0426928-0.0426928fRussell 2000(inputs)0.032 funds rate 0.019 at 2-1/4 to 2-1/2 0.012 Consistent with its statutory 0.012 rate may 0.012 the federal 0.01 mandate, the 0.01 Committee seeks 0.008 of economic activity, strong 0.006 funds 0.006 maximum employment 0.005 financial 0.005 developments 0.005 what 0.005 determines 0.004 range 0.004 to view sustained expansion 0.004 and 0.004 to foster 0.004 federal 0.003 percent. The 0.003 range 0.002 for 0.002 the 0.002 target 0.002 Committee continues 0.001 target 0.001 as 0.001 for 0.001 the 0.0 be 0.0 appropriate -0.014 outcomes. -0.012 patient -0.011 maintain -0.011 adjustments -0.01 decided -0.01 to -0.01 be -0.009 goals, -0.009 symmetric 2 percent objective -0.008 future -0.008 pressures, the -0.007 outcomes. In light of -0.006 price stability. -0.006 these -0.005 of these -0.005 the -0.005 global economic and -0.005 to -0.005 will -0.004 In support -0.004 Committee -0.004 the Committee's -0.004 labor market conditions, and -0.003 the -0.003 Committee -0.003 inflation near -0.002 as the -0.002 it -0.002 and -0.002 muted -0.002 most likely -0.001 inflation -0.001 support -0.001 to
inputs
0.012 / 4
Consistent with its statutory
0.01 / 2
mandate, the
0.01 / 2
Committee seeks
0.004 / 2
to foster
0.006 / 2
maximum employment
0.004
and
-0.006 / 2
price stability.
-0.004 / 2
In support
-0.005 / 2
of these
-0.009
goals,
-0.005
the
-0.004
Committee
-0.01
decided
-0.01
to
-0.011
maintain
0.001
the
0.001
target
0.004
range
0.002
for
0.012 / 2
the federal
0.032 / 2
funds rate
0.019 / 4
at 2-1/4 to 2-1/2
0.003 / 2
percent. The
0.002 / 2
Committee continues
0.004 / 4
to view sustained expansion
0.008 / 4
of economic activity, strong
-0.004 / 4
labor market conditions, and
-0.003 / 2
inflation near
-0.004 / 2
the Committee's
-0.009 / 4
symmetric 2 percent objective
-0.002 / 2
as the
-0.002 / 2
most likely
-0.007 / 4
outcomes. In light of
-0.005 / 3
global economic and
0.005
financial
0.005
developments
-0.002
and
-0.002
muted
-0.001
inflation
-0.008 / 2
pressures, the
-0.003
Committee
-0.005
will
-0.01
be
-0.012
patient
0.001
as
-0.002
it
0.005
determines
0.005
what
-0.008
future
-0.011
adjustments
-0.005
to
-0.003
the
0.002
target
0.003
range
0.001
for
0.002
the
0.004
federal
0.006
funds
0.012 / 2
rate may
0.0
be
0.0
appropriate
-0.001
to
-0.001
support
-0.006
these
-0.014
outcomes.
-0-0.1-0.20.1-0.0379724-0.0379724base value-0.0426928-0.0426928fRussell 2000(inputs)0.032 funds rate 0.019 at 2-1/4 to 2-1/2 0.012 Consistent with its statutory 0.012 rate may 0.012 the federal 0.01 mandate, the 0.01 Committee seeks 0.008 of economic activity, strong 0.006 funds 0.006 maximum employment 0.005 financial 0.005 developments 0.005 what 0.005 determines 0.004 range 0.004 to view sustained expansion 0.004 and 0.004 to foster 0.004 federal 0.003 percent. The 0.003 range 0.002 for 0.002 the 0.002 target 0.002 Committee continues 0.001 target 0.001 as 0.001 for 0.001 the 0.0 be 0.0 appropriate -0.014 outcomes. -0.012 patient -0.011 maintain -0.011 adjustments -0.01 decided -0.01 to -0.01 be -0.009 goals, -0.009 symmetric 2 percent objective -0.008 future -0.008 pressures, the -0.007 outcomes. In light of -0.006 price stability. -0.006 these -0.005 of these -0.005 the -0.005 global economic and -0.005 to -0.005 will -0.004 In support -0.004 Committee -0.004 the Committee's -0.004 labor market conditions, and -0.003 the -0.003 Committee -0.003 inflation near -0.002 as the -0.002 it -0.002 and -0.002 muted -0.002 most likely -0.001 inflation -0.001 support -0.001 to
inputs
0.012 / 4
Consistent with its statutory
0.01 / 2
mandate, the
0.01 / 2
Committee seeks
0.004 / 2
to foster
0.006 / 2
maximum employment
0.004
and
-0.006 / 2
price stability.
-0.004 / 2
In support
-0.005 / 2
of these
-0.009
goals,
-0.005
the
-0.004
Committee
-0.01
decided
-0.01
to
-0.011
maintain
0.001
the
0.001
target
0.004
range
0.002
for
0.012 / 2
the federal
0.032 / 2
funds rate
0.019 / 4
at 2-1/4 to 2-1/2
0.003 / 2
percent. The
0.002 / 2
Committee continues
0.004 / 4
to view sustained expansion
0.008 / 4
of economic activity, strong
-0.004 / 4
labor market conditions, and
-0.003 / 2
inflation near
-0.004 / 2
the Committee's
-0.009 / 4
symmetric 2 percent objective
-0.002 / 2
as the
-0.002 / 2
most likely
-0.007 / 4
outcomes. In light of
-0.005 / 3
global economic and
0.005
financial
0.005
developments
-0.002
and
-0.002
muted
-0.001
inflation
-0.008 / 2
pressures, the
-0.003
Committee
-0.005
will
-0.01
be
-0.012
patient
0.001
as
-0.002
it
0.005
determines
0.005
what
-0.008
future
-0.011
adjustments
-0.005
to
-0.003
the
0.002
target
0.003
range
0.001
for
0.002
the
0.004
federal
0.006
funds
0.012 / 2
rate may
0.0
be
0.0
appropriate
-0.001
to
-0.001
support
-0.006
these
-0.014
outcomes.
0-2-4-6246-0.00951516-0.00951516base value-0.0394326-0.0394326fNASDAQ Composite(inputs)0.016 funds rate 0.011 Consistent with its statutory 0.01 mandate, the 0.01 Committee seeks 0.01 at 2-1/4 to 2-1/2 0.008 rate may 0.008 Committee 0.007 to view sustained expansion 0.005 will 0.005 percent. The 0.004 and 0.004 Committee continues 0.004 determines 0.004 the federal 0.004 maximum employment 0.004 developments 0.003 what 0.003 to foster 0.002 funds 0.002 Committee 0.002 federal 0.002 the Committee's 0.001 of economic activity, strong 0.001 financial 0.0 the -0.01 price stability. -0.01 goals, -0.01 of these -0.009 outcomes. -0.009 In support -0.008 future -0.008 pressures, the -0.007 the -0.007 maintain -0.006 these -0.006 to -0.005 for -0.005 outcomes. In light of -0.005 range -0.004 decided -0.004 global economic and -0.004 target -0.003 labor market conditions, and -0.003 the -0.003 inflation -0.003 range -0.003 muted -0.003 as the -0.002 most likely -0.002 support -0.002 to -0.002 adjustments -0.002 to -0.002 appropriate -0.002 patient -0.001 target -0.001 it -0.001 be -0.001 symmetric 2 percent objective -0.001 and -0.001 for -0.001 the -0.001 as -0.001 inflation near -0.0 be
inputs
0.011 / 4
Consistent with its statutory
0.01 / 2
mandate, the
0.01 / 2
Committee seeks
0.003 / 2
to foster
0.004 / 2
maximum employment
0.004
and
-0.01 / 2
price stability.
-0.009 / 2
In support
-0.01 / 2
of these
-0.01
goals,
-0.007
the
0.002
Committee
-0.004
decided
-0.006
to
-0.007
maintain
-0.003
the
-0.004
target
-0.005
range
-0.005
for
0.004 / 2
the federal
0.016 / 2
funds rate
0.01 / 4
at 2-1/4 to 2-1/2
0.005 / 2
percent. The
0.004 / 2
Committee continues
0.007 / 4
to view sustained expansion
0.001 / 4
of economic activity, strong
-0.003 / 4
labor market conditions, and
-0.001 / 2
inflation near
0.002 / 2
the Committee's
-0.001 / 4
symmetric 2 percent objective
-0.003 / 2
as the
-0.002 / 2
most likely
-0.005 / 4
outcomes. In light of
-0.004 / 3
global economic and
0.001
financial
0.004
developments
-0.001
and
-0.003
muted
-0.003
inflation
-0.008 / 2
pressures, the
0.008
Committee
0.005
will
-0.0
be
-0.002
patient
-0.001
as
-0.001
it
0.004
determines
0.003
what
-0.008
future
-0.002
adjustments
-0.002
to
-0.001
the
-0.001
target
-0.003
range
-0.001
for
0.0
the
0.002
federal
0.002
funds
0.008 / 2
rate may
-0.001
be
-0.002
appropriate
-0.002
to
-0.002
support
-0.006
these
-0.009
outcomes.
-0-0-0-0-0-0-0-0-0-0000000000-0.00951516-0.00951516base value-0.0394326-0.0394326fNASDAQ Composite(inputs)0.016 funds rate 0.011 Consistent with its statutory 0.01 mandate, the 0.01 Committee seeks 0.01 at 2-1/4 to 2-1/2 0.008 rate may 0.008 Committee 0.007 to view sustained expansion 0.005 will 0.005 percent. The 0.004 and 0.004 Committee continues 0.004 determines 0.004 the federal 0.004 maximum employment 0.004 developments 0.003 what 0.003 to foster 0.002 funds 0.002 Committee 0.002 federal 0.002 the Committee's 0.001 of economic activity, strong 0.001 financial 0.0 the -0.01 price stability. -0.01 goals, -0.01 of these -0.009 outcomes. -0.009 In support -0.008 future -0.008 pressures, the -0.007 the -0.007 maintain -0.006 these -0.006 to -0.005 for -0.005 outcomes. In light of -0.005 range -0.004 decided -0.004 global economic and -0.004 target -0.003 labor market conditions, and -0.003 the -0.003 inflation -0.003 range -0.003 muted -0.003 as the -0.002 most likely -0.002 support -0.002 to -0.002 adjustments -0.002 to -0.002 appropriate -0.002 patient -0.001 target -0.001 it -0.001 be -0.001 symmetric 2 percent objective -0.001 and -0.001 for -0.001 the -0.001 as -0.001 inflation near -0.0 be
inputs
0.011 / 4
Consistent with its statutory
0.01 / 2
mandate, the
0.01 / 2
Committee seeks
0.003 / 2
to foster
0.004 / 2
maximum employment
0.004
and
-0.01 / 2
price stability.
-0.009 / 2
In support
-0.01 / 2
of these
-0.01
goals,
-0.007
the
0.002
Committee
-0.004
decided
-0.006
to
-0.007
maintain
-0.003
the
-0.004
target
-0.005
range
-0.005
for
0.004 / 2
the federal
0.016 / 2
funds rate
0.01 / 4
at 2-1/4 to 2-1/2
0.005 / 2
percent. The
0.004 / 2
Committee continues
0.007 / 4
to view sustained expansion
0.001 / 4
of economic activity, strong
-0.003 / 4
labor market conditions, and
-0.001 / 2
inflation near
0.002 / 2
the Committee's
-0.001 / 4
symmetric 2 percent objective
-0.003 / 2
as the
-0.002 / 2
most likely
-0.005 / 4
outcomes. In light of
-0.004 / 3
global economic and
0.001
financial
0.004
developments
-0.001
and
-0.003
muted
-0.003
inflation
-0.008 / 2
pressures, the
0.008
Committee
0.005
will
-0.0
be
-0.002
patient
-0.001
as
-0.001
it
0.004
determines
0.003
what
-0.008
future
-0.002
adjustments
-0.002
to
-0.001
the
-0.001
target
-0.003
range
-0.001
for
0.0
the
0.002
federal
0.002
funds
0.008 / 2
rate may
-0.001
be
-0.002
appropriate
-0.002
to
-0.002
support
-0.006
these
-0.009
outcomes.
0-2-4-6246-0.0516021-0.0516021base value-0.0584086-0.0584086fVolatility Index(inputs)0.064 range 0.052 for 0.049 adjustments 0.047 range 0.045 target 0.04 the 0.035 goals, 0.033 target 0.021 outcomes. 0.021 of these 0.019 the 0.018 future 0.016 for 0.013 to 0.012 these 0.011 to 0.011 the 0.01 maintain 0.008 and 0.006 decided 0.006 federal 0.005 symmetric 2 percent objective 0.005 maximum employment 0.005 support 0.004 to foster 0.004 to 0.004 funds 0.004 the 0.002 appropriate 0.002 it 0.002 rate may 0.001 at 2-1/4 to 2-1/2 0.001 be 0.0 and -0.055 Consistent with its statutory -0.049 mandate, the -0.045 funds rate -0.044 Committee -0.04 of economic activity, strong -0.04 Committee seeks -0.035 will -0.029 global economic and -0.026 outcomes. In light of -0.02 Committee -0.018 determines -0.017 most likely -0.015 as the -0.015 what -0.013 to view sustained expansion -0.013 muted -0.013 developments -0.013 inflation -0.012 be -0.011 pressures, the -0.011 financial -0.009 Committee continues -0.008 the Committee's -0.008 percent. The -0.006 patient -0.006 labor market conditions, and -0.005 In support -0.004 as -0.003 price stability. -0.002 the federal -0.001 inflation near
inputs
-0.055 / 4
Consistent with its statutory
-0.049 / 2
mandate, the
-0.04 / 2
Committee seeks
0.004 / 2
to foster
0.005 / 2
maximum employment
0.0
and
-0.003 / 2
price stability.
-0.005 / 2
In support
0.021 / 2
of these
0.035
goals,
0.019
the
-0.02
Committee
0.006
decided
0.011
to
0.01
maintain
0.04
the
0.045
target
0.064
range
0.052
for
-0.002 / 2
the federal
-0.045 / 2
funds rate
0.001 / 4
at 2-1/4 to 2-1/2
-0.008 / 2
percent. The
-0.009 / 2
Committee continues
-0.013 / 4
to view sustained expansion
-0.04 / 4
of economic activity, strong
-0.006 / 4
labor market conditions, and
-0.001 / 2
inflation near
-0.008 / 2
the Committee's
0.005 / 4
symmetric 2 percent objective
-0.015 / 2
as the
-0.017 / 2
most likely
-0.026 / 4
outcomes. In light of
-0.029 / 3
global economic and
-0.011
financial
-0.013
developments
0.008
and
-0.013
muted
-0.013
inflation
-0.011 / 2
pressures, the
-0.044
Committee
-0.035
will
-0.012
be
-0.006
patient
-0.004
as
0.002
it
-0.018
determines
-0.015
what
0.018
future
0.049
adjustments
0.013
to
0.004
the
0.033
target
0.047
range
0.016
for
0.011
the
0.006
federal
0.004
funds
0.002 / 2
rate may
0.001
be
0.002
appropriate
0.004
to
0.005
support
0.012
these
0.021
outcomes.
-0.1-0.3-0.50.10.30.5-0.0516021-0.0516021base value-0.0584086-0.0584086fVolatility Index(inputs)0.064 range 0.052 for 0.049 adjustments 0.047 range 0.045 target 0.04 the 0.035 goals, 0.033 target 0.021 outcomes. 0.021 of these 0.019 the 0.018 future 0.016 for 0.013 to 0.012 these 0.011 to 0.011 the 0.01 maintain 0.008 and 0.006 decided 0.006 federal 0.005 symmetric 2 percent objective 0.005 maximum employment 0.005 support 0.004 to foster 0.004 to 0.004 funds 0.004 the 0.002 appropriate 0.002 it 0.002 rate may 0.001 at 2-1/4 to 2-1/2 0.001 be 0.0 and -0.055 Consistent with its statutory -0.049 mandate, the -0.045 funds rate -0.044 Committee -0.04 of economic activity, strong -0.04 Committee seeks -0.035 will -0.029 global economic and -0.026 outcomes. In light of -0.02 Committee -0.018 determines -0.017 most likely -0.015 as the -0.015 what -0.013 to view sustained expansion -0.013 muted -0.013 developments -0.013 inflation -0.012 be -0.011 pressures, the -0.011 financial -0.009 Committee continues -0.008 the Committee's -0.008 percent. The -0.006 patient -0.006 labor market conditions, and -0.005 In support -0.004 as -0.003 price stability. -0.002 the federal -0.001 inflation near
inputs
-0.055 / 4
Consistent with its statutory
-0.049 / 2
mandate, the
-0.04 / 2
Committee seeks
0.004 / 2
to foster
0.005 / 2
maximum employment
0.0
and
-0.003 / 2
price stability.
-0.005 / 2
In support
0.021 / 2
of these
0.035
goals,
0.019
the
-0.02
Committee
0.006
decided
0.011
to
0.01
maintain
0.04
the
0.045
target
0.064
range
0.052
for
-0.002 / 2
the federal
-0.045 / 2
funds rate
0.001 / 4
at 2-1/4 to 2-1/2
-0.008 / 2
percent. The
-0.009 / 2
Committee continues
-0.013 / 4
to view sustained expansion
-0.04 / 4
of economic activity, strong
-0.006 / 4
labor market conditions, and
-0.001 / 2
inflation near
-0.008 / 2
the Committee's
0.005 / 4
symmetric 2 percent objective
-0.015 / 2
as the
-0.017 / 2
most likely
-0.026 / 4
outcomes. In light of
-0.029 / 3
global economic and
-0.011
financial
-0.013
developments
0.008
and
-0.013
muted
-0.013
inflation
-0.011 / 2
pressures, the
-0.044
Committee
-0.035
will
-0.012
be
-0.006
patient
-0.004
as
0.002
it
-0.018
determines
-0.015
what
0.018
future
0.049
adjustments
0.013
to
0.004
the
0.033
target
0.047
range
0.016
for
0.011
the
0.006
federal
0.004
funds
0.002 / 2
rate may
0.001
be
0.002
appropriate
0.004
to
0.005
support
0.012
these
0.021
outcomes.
0-2-4-62460.1338250.133825base value0.2753790.275379f13 Week Treasury Bill(inputs)0.638 funds rate 0.609 developments 0.59 of economic activity, strong 0.478 financial 0.44 labor market conditions, and 0.362 outcomes. In light of 0.356 Committee 0.339 Committee seeks 0.327 mandate, the 0.323 global economic and 0.292 the Committee's 0.281 Committee 0.249 price stability. 0.239 pressures, the 0.203 will 0.194 inflation 0.181 Consistent with its statutory 0.176 the federal 0.164 muted 0.153 inflation near 0.139 In support 0.11 decided 0.085 funds 0.048 Committee continues 0.042 rate may 0.029 percent. The 0.024 symmetric 2 percent objective 0.006 and 0.003 federal 0.001 as the -0.787 range -0.643 for -0.514 range -0.513 target -0.458 the -0.419 goals, -0.365 future -0.348 adjustments -0.337 target -0.274 what -0.256 determines -0.205 the -0.168 of these -0.135 for -0.131 maximum employment -0.122 patient -0.114 to -0.097 and -0.09 appropriate -0.089 be -0.089 as -0.088 the -0.076 maintain -0.076 it -0.075 these -0.074 at 2-1/4 to 2-1/2 -0.07 to -0.062 most likely -0.057 be -0.055 support -0.049 to foster -0.032 to view sustained expansion -0.027 to -0.026 the -0.018 outcomes.
inputs
0.181 / 4
Consistent with its statutory
0.327 / 2
mandate, the
0.339 / 2
Committee seeks
-0.049 / 2
to foster
-0.131 / 2
maximum employment
0.006
and
0.249 / 2
price stability.
0.139 / 2
In support
-0.168 / 2
of these
-0.419
goals,
-0.205
the
0.281
Committee
0.11
decided
-0.07
to
-0.076
maintain
-0.458
the
-0.513
target
-0.787
range
-0.643
for
0.176 / 2
the federal
0.638 / 2
funds rate
-0.074 / 4
at 2-1/4 to 2-1/2
0.029 / 2
percent. The
0.048 / 2
Committee continues
-0.032 / 4
to view sustained expansion
0.59 / 4
of economic activity, strong
0.44 / 4
labor market conditions, and
0.153 / 2
inflation near
0.292 / 2
the Committee's
0.024 / 4
symmetric 2 percent objective
0.001 / 2
as the
-0.062 / 2
most likely
0.362 / 4
outcomes. In light of
0.323 / 3
global economic and
0.478
financial
0.609
developments
-0.097
and
0.164
muted
0.194
inflation
0.239 / 2
pressures, the
0.356
Committee
0.203
will
-0.089
be
-0.122
patient
-0.089
as
-0.076
it
-0.256
determines
-0.274
what
-0.365
future
-0.348
adjustments
-0.114
to
-0.026
the
-0.337
target
-0.514
range
-0.135
for
-0.088
the
0.003
federal
0.085
funds
0.042 / 2
rate may
-0.057
be
-0.09
appropriate
-0.027
to
-0.055
support
-0.075
these
-0.018
outcomes.
0-2-4-62460.1338250.133825base value0.2753790.275379f13 Week Treasury Bill(inputs)0.638 funds rate 0.609 developments 0.59 of economic activity, strong 0.478 financial 0.44 labor market conditions, and 0.362 outcomes. In light of 0.356 Committee 0.339 Committee seeks 0.327 mandate, the 0.323 global economic and 0.292 the Committee's 0.281 Committee 0.249 price stability. 0.239 pressures, the 0.203 will 0.194 inflation 0.181 Consistent with its statutory 0.176 the federal 0.164 muted 0.153 inflation near 0.139 In support 0.11 decided 0.085 funds 0.048 Committee continues 0.042 rate may 0.029 percent. The 0.024 symmetric 2 percent objective 0.006 and 0.003 federal 0.001 as the -0.787 range -0.643 for -0.514 range -0.513 target -0.458 the -0.419 goals, -0.365 future -0.348 adjustments -0.337 target -0.274 what -0.256 determines -0.205 the -0.168 of these -0.135 for -0.131 maximum employment -0.122 patient -0.114 to -0.097 and -0.09 appropriate -0.089 be -0.089 as -0.088 the -0.076 maintain -0.076 it -0.075 these -0.074 at 2-1/4 to 2-1/2 -0.07 to -0.062 most likely -0.057 be -0.055 support -0.049 to foster -0.032 to view sustained expansion -0.027 to -0.026 the -0.018 outcomes.
inputs
0.181 / 4
Consistent with its statutory
0.327 / 2
mandate, the
0.339 / 2
Committee seeks
-0.049 / 2
to foster
-0.131 / 2
maximum employment
0.006
and
0.249 / 2
price stability.
0.139 / 2
In support
-0.168 / 2
of these
-0.419
goals,
-0.205
the
0.281
Committee
0.11
decided
-0.07
to
-0.076
maintain
-0.458
the
-0.513
target
-0.787
range
-0.643
for
0.176 / 2
the federal
0.638 / 2
funds rate
-0.074 / 4
at 2-1/4 to 2-1/2
0.029 / 2
percent. The
0.048 / 2
Committee continues
-0.032 / 4
to view sustained expansion
0.59 / 4
of economic activity, strong
0.44 / 4
labor market conditions, and
0.153 / 2
inflation near
0.292 / 2
the Committee's
0.024 / 4
symmetric 2 percent objective
0.001 / 2
as the
-0.062 / 2
most likely
0.362 / 4
outcomes. In light of
0.323 / 3
global economic and
0.478
financial
0.609
developments
-0.097
and
0.164
muted
0.194
inflation
0.239 / 2
pressures, the
0.356
Committee
0.203
will
-0.089
be
-0.122
patient
-0.089
as
-0.076
it
-0.256
determines
-0.274
what
-0.365
future
-0.348
adjustments
-0.114
to
-0.026
the
-0.337
target
-0.514
range
-0.135
for
-0.088
the
0.003
federal
0.085
funds
0.042 / 2
rate may
-0.057
be
-0.09
appropriate
-0.027
to
-0.055
support
-0.075
these
-0.018
outcomes.
0-2-4-6246-0.167669-0.167669base value0.07247340.0724734fTreasury Yield 30 Years(inputs)0.041 Consistent with its statutory 0.035 funds rate 0.034 mandate, the 0.029 Committee seeks 0.026 of economic activity, strong 0.02 and 0.018 rate may 0.018 the federal 0.016 determines 0.016 Committee 0.013 what 0.013 Committee 0.012 financial 0.012 to view sustained expansion 0.011 will 0.011 developments 0.01 global economic and 0.009 to foster 0.009 federal 0.009 maximum employment 0.009 funds 0.009 labor market conditions, and 0.007 outcomes. In light of 0.007 Committee continues 0.007 most likely 0.006 percent. The 0.006 as the 0.003 and 0.003 at 2-1/4 to 2-1/2 0.002 as 0.002 the 0.002 it 0.002 target 0.001 appropriate 0.001 decided 0.0 be -0.019 symmetric 2 percent objective -0.017 adjustments -0.015 range -0.014 for -0.013 pressures, the -0.012 goals, -0.01 inflation near -0.01 of these -0.009 inflation -0.008 range -0.007 the -0.006 muted -0.006 patient -0.006 to -0.005 outcomes. -0.005 target -0.004 the -0.003 maintain -0.003 to -0.003 these -0.003 be -0.002 In support -0.002 the -0.002 future -0.002 support -0.001 for -0.0 to -0.0 price stability. -0.0 the Committee's
inputs
0.041 / 4
Consistent with its statutory
0.034 / 2
mandate, the
0.029 / 2
Committee seeks
0.009 / 2
to foster
0.009 / 2
maximum employment
0.02
and
-0.0 / 2
price stability.
-0.002 / 2
In support
-0.01 / 2
of these
-0.012
goals,
-0.007
the
0.013
Committee
0.001
decided
-0.003
to
-0.003
maintain
-0.004
the
-0.005
target
-0.015
range
-0.014
for
0.018 / 2
the federal
0.035 / 2
funds rate
0.003 / 4
at 2-1/4 to 2-1/2
0.006 / 2
percent. The
0.007 / 2
Committee continues
0.012 / 4
to view sustained expansion
0.026 / 4
of economic activity, strong
0.009 / 4
labor market conditions, and
-0.01 / 2
inflation near
-0.0 / 2
the Committee's
-0.019 / 4
symmetric 2 percent objective
0.006 / 2
as the
0.007 / 2
most likely
0.007 / 4
outcomes. In light of
0.01 / 3
global economic and
0.012
financial
0.011
developments
0.003
and
-0.006
muted
-0.009
inflation
-0.013 / 2
pressures, the
0.016
Committee
0.011
will
-0.003
be
-0.006
patient
0.002
as
0.002
it
0.016
determines
0.013
what
-0.002
future
-0.017
adjustments
-0.006
to
-0.002
the
0.002
target
-0.008
range
-0.001
for
0.002
the
0.009
federal
0.009
funds
0.018 / 2
rate may
0.0
be
0.001
appropriate
-0.0
to
-0.002
support
-0.003
these
-0.005
outcomes.
-0-0.1-0.2-0.30.10.2-0.167669-0.167669base value0.07247340.0724734fTreasury Yield 30 Years(inputs)0.041 Consistent with its statutory 0.035 funds rate 0.034 mandate, the 0.029 Committee seeks 0.026 of economic activity, strong 0.02 and 0.018 rate may 0.018 the federal 0.016 determines 0.016 Committee 0.013 what 0.013 Committee 0.012 financial 0.012 to view sustained expansion 0.011 will 0.011 developments 0.01 global economic and 0.009 to foster 0.009 federal 0.009 maximum employment 0.009 funds 0.009 labor market conditions, and 0.007 outcomes. In light of 0.007 Committee continues 0.007 most likely 0.006 percent. The 0.006 as the 0.003 and 0.003 at 2-1/4 to 2-1/2 0.002 as 0.002 the 0.002 it 0.002 target 0.001 appropriate 0.001 decided 0.0 be -0.019 symmetric 2 percent objective -0.017 adjustments -0.015 range -0.014 for -0.013 pressures, the -0.012 goals, -0.01 inflation near -0.01 of these -0.009 inflation -0.008 range -0.007 the -0.006 muted -0.006 patient -0.006 to -0.005 outcomes. -0.005 target -0.004 the -0.003 maintain -0.003 to -0.003 these -0.003 be -0.002 In support -0.002 the -0.002 future -0.002 support -0.001 for -0.0 to -0.0 price stability. -0.0 the Committee's
inputs
0.041 / 4
Consistent with its statutory
0.034 / 2
mandate, the
0.029 / 2
Committee seeks
0.009 / 2
to foster
0.009 / 2
maximum employment
0.02
and
-0.0 / 2
price stability.
-0.002 / 2
In support
-0.01 / 2
of these
-0.012
goals,
-0.007
the
0.013
Committee
0.001
decided
-0.003
to
-0.003
maintain
-0.004
the
-0.005
target
-0.015
range
-0.014
for
0.018 / 2
the federal
0.035 / 2
funds rate
0.003 / 4
at 2-1/4 to 2-1/2
0.006 / 2
percent. The
0.007 / 2
Committee continues
0.012 / 4
to view sustained expansion
0.026 / 4
of economic activity, strong
0.009 / 4
labor market conditions, and
-0.01 / 2
inflation near
-0.0 / 2
the Committee's
-0.019 / 4
symmetric 2 percent objective
0.006 / 2
as the
0.007 / 2
most likely
0.007 / 4
outcomes. In light of
0.01 / 3
global economic and
0.012
financial
0.011
developments
0.003
and
-0.006
muted
-0.009
inflation
-0.013 / 2
pressures, the
0.016
Committee
0.011
will
-0.003
be
-0.006
patient
0.002
as
0.002
it
0.016
determines
0.013
what
-0.002
future
-0.017
adjustments
-0.006
to
-0.002
the
0.002
target
-0.008
range
-0.001
for
0.002
the
0.009
federal
0.009
funds
0.018 / 2
rate may
0.0
be
0.001
appropriate
-0.0
to
-0.002
support
-0.003
these
-0.005
outcomes.
March 20, 2019
outputs
S&P 500
Russell 2000
NASDAQ Composite
Volatility Index
13 Week Treasury Bill
Treasury Yield 30 Years


0-2-4246-0.0208046-0.0208046base value-0.0731252-0.0731252fS&P 500(inputs)0.015 funds rate for an 0.013 levels of the federal 0.005 of agency 0.004 Committee 0.004 continue to evaluate the timing 0.004 mortgage-backed securities 0.004 October. The Committee will 0.003 $1.25 trillion 0.003 securities in 0.003 of agency 0.003 conditions in financial markets. 0.002 The Federal Reserve is monitoring the size 0.002 to warrant exceptionally low 0.002 at 0 to 1/4 percent 0.002 pace of these transactions and 0.001 purchases of 0.001 up 0.001 the federal funds rate 0.001 and 0.001 to 0.001 anticipates that the full 0.001 the target range for 0.001 to gradually slow the 0.001 by the end of 0.001 securities. To promote a 0.001 the 0.0 amount will be purchased 0.0 Treasury securities 0.0 overall amounts of its -0.016 the end of the year. In addition, the -0.009 Federal Reserve will employ -0.008 economic outlook and -0.006 completed, -0.006 liquidity programs as warranted. -0.006 all available tools to -0.006 circumstances, the -0.005 promote economic recovery and -0.005 and composition of its balance sheet -0.005 and will make adjustments to its credit and -0.005 In these -0.005 are -0.004 will -0.004 to preserve price stability. -0.003 The Committee will maintain -0.003 to improve overall conditions in private credit markets, -0.003 the Federal -0.003 economic conditions are likely -0.003 and housing markets and -0.003 the process of buying -0.003 Reserve -0.003 debt by -0.003 extended period. As previously -0.003 Federal Reserve is in -0.002 the evolving -0.002 announced, to provide support to mortgage lending -0.002 continues to anticipate that -0.002 light of -0.001 a -0.001 up to -0.001 smooth transition -0.001 total of -0.001 and -0.001 $200 billion -0.001 purchase -0.001 in markets -0.0 as these -0.0 and -0.0 purchases of -0.0 $300 billion of Treasury -0.0 has decided
inputs
-0.005 / 2
In these
-0.006 / 2
circumstances, the
-0.009 / 4
Federal Reserve will employ
-0.006 / 4
all available tools to
-0.005 / 4
promote economic recovery and
-0.004 / 4
to preserve price stability.
-0.003 / 4
The Committee will maintain
0.001 / 4
the target range for
0.001 / 4
the federal funds rate
0.002 / 5
at 0 to 1/4 percent
-0.0
and
-0.002 / 4
continues to anticipate that
-0.003 / 4
economic conditions are likely
0.002 / 4
to warrant exceptionally low
0.013 / 4
levels of the federal
0.015 / 4
funds rate for an
-0.003 / 4
extended period. As previously
-0.002 / 7
announced, to provide support to mortgage lending
-0.003 / 4
and housing markets and
-0.003 / 8
to improve overall conditions in private credit markets,
-0.003 / 2
the Federal
-0.003
Reserve
-0.004
will
-0.001
purchase
-0.001
a
-0.001 / 2
total of
0.001
up
0.001
to
0.003 / 2
$1.25 trillion
0.005 / 2
of agency
0.004 / 2
mortgage-backed securities
0.001
and
-0.001 / 2
up to
-0.001 / 2
$200 billion
0.003 / 2
of agency
-0.003 / 2
debt by
-0.016 / 8
the end of the year. In addition, the
-0.003 / 4
Federal Reserve is in
-0.003 / 4
the process of buying
-0.0 / 4
$300 billion of Treasury
0.001 / 4
securities. To promote a
-0.001 / 2
smooth transition
-0.001 / 2
in markets
-0.0 / 2
as these
-0.0 / 2
purchases of
0.0 / 2
Treasury securities
-0.005
are
-0.006
completed,
0.001
the
0.004
Committee
-0.0 / 2
has decided
0.001 / 4
to gradually slow the
0.002 / 5
pace of these transactions and
0.001 / 4
anticipates that the full
0.0 / 4
amount will be purchased
0.001 / 4
by the end of
0.004 / 4
October. The Committee will
0.004 / 5
continue to evaluate the timing
-0.001
and
0.0 / 4
overall amounts of its
0.001 / 2
purchases of
0.003 / 2
securities in
-0.002 / 2
light of
-0.002 / 2
the evolving
-0.008 / 3
economic outlook and
0.003 / 4
conditions in financial markets.
0.002 / 7
The Federal Reserve is monitoring the size
-0.005 / 6
and composition of its balance sheet
-0.005 / 8
and will make adjustments to its credit and
-0.006 / 4
liquidity programs as warranted.
-0.05-0.09-0.13-0.010.03-0.0208046-0.0208046base value-0.0731252-0.0731252fS&P 500(inputs)0.015 funds rate for an 0.013 levels of the federal 0.005 of agency 0.004 Committee 0.004 continue to evaluate the timing 0.004 mortgage-backed securities 0.004 October. The Committee will 0.003 $1.25 trillion 0.003 securities in 0.003 of agency 0.003 conditions in financial markets. 0.002 The Federal Reserve is monitoring the size 0.002 to warrant exceptionally low 0.002 at 0 to 1/4 percent 0.002 pace of these transactions and 0.001 purchases of 0.001 up 0.001 the federal funds rate 0.001 and 0.001 to 0.001 anticipates that the full 0.001 the target range for 0.001 to gradually slow the 0.001 by the end of 0.001 securities. To promote a 0.001 the 0.0 amount will be purchased 0.0 Treasury securities 0.0 overall amounts of its -0.016 the end of the year. In addition, the -0.009 Federal Reserve will employ -0.008 economic outlook and -0.006 completed, -0.006 liquidity programs as warranted. -0.006 all available tools to -0.006 circumstances, the -0.005 promote economic recovery and -0.005 and composition of its balance sheet -0.005 and will make adjustments to its credit and -0.005 In these -0.005 are -0.004 will -0.004 to preserve price stability. -0.003 The Committee will maintain -0.003 to improve overall conditions in private credit markets, -0.003 the Federal -0.003 economic conditions are likely -0.003 and housing markets and -0.003 the process of buying -0.003 Reserve -0.003 debt by -0.003 extended period. As previously -0.003 Federal Reserve is in -0.002 the evolving -0.002 announced, to provide support to mortgage lending -0.002 continues to anticipate that -0.002 light of -0.001 a -0.001 up to -0.001 smooth transition -0.001 total of -0.001 and -0.001 $200 billion -0.001 purchase -0.001 in markets -0.0 as these -0.0 and -0.0 purchases of -0.0 $300 billion of Treasury -0.0 has decided
inputs
-0.005 / 2
In these
-0.006 / 2
circumstances, the
-0.009 / 4
Federal Reserve will employ
-0.006 / 4
all available tools to
-0.005 / 4
promote economic recovery and
-0.004 / 4
to preserve price stability.
-0.003 / 4
The Committee will maintain
0.001 / 4
the target range for
0.001 / 4
the federal funds rate
0.002 / 5
at 0 to 1/4 percent
-0.0
and
-0.002 / 4
continues to anticipate that
-0.003 / 4
economic conditions are likely
0.002 / 4
to warrant exceptionally low
0.013 / 4
levels of the federal
0.015 / 4
funds rate for an
-0.003 / 4
extended period. As previously
-0.002 / 7
announced, to provide support to mortgage lending
-0.003 / 4
and housing markets and
-0.003 / 8
to improve overall conditions in private credit markets,
-0.003 / 2
the Federal
-0.003
Reserve
-0.004
will
-0.001
purchase
-0.001
a
-0.001 / 2
total of
0.001
up
0.001
to
0.003 / 2
$1.25 trillion
0.005 / 2
of agency
0.004 / 2
mortgage-backed securities
0.001
and
-0.001 / 2
up to
-0.001 / 2
$200 billion
0.003 / 2
of agency
-0.003 / 2
debt by
-0.016 / 8
the end of the year. In addition, the
-0.003 / 4
Federal Reserve is in
-0.003 / 4
the process of buying
-0.0 / 4
$300 billion of Treasury
0.001 / 4
securities. To promote a
-0.001 / 2
smooth transition
-0.001 / 2
in markets
-0.0 / 2
as these
-0.0 / 2
purchases of
0.0 / 2
Treasury securities
-0.005
are
-0.006
completed,
0.001
the
0.004
Committee
-0.0 / 2
has decided
0.001 / 4
to gradually slow the
0.002 / 5
pace of these transactions and
0.001 / 4
anticipates that the full
0.0 / 4
amount will be purchased
0.001 / 4
by the end of
0.004 / 4
October. The Committee will
0.004 / 5
continue to evaluate the timing
-0.001
and
0.0 / 4
overall amounts of its
0.001 / 2
purchases of
0.003 / 2
securities in
-0.002 / 2
light of
-0.002 / 2
the evolving
-0.008 / 3
economic outlook and
0.003 / 4
conditions in financial markets.
0.002 / 7
The Federal Reserve is monitoring the size
-0.005 / 6
and composition of its balance sheet
-0.005 / 8
and will make adjustments to its credit and
-0.006 / 4
liquidity programs as warranted.
0-2-4246-0.0379724-0.0379724base value-0.0747796-0.0747796fRussell 2000(inputs)0.018 funds rate for an 0.016 levels of the federal 0.009 to warrant exceptionally low 0.009 conditions in financial markets. 0.007 of agency 0.007 The Federal Reserve is monitoring the size 0.006 continue to evaluate the timing 0.005 mortgage-backed securities 0.005 of agency 0.005 securities in 0.004 Committee 0.004 $1.25 trillion 0.004 economic conditions are likely 0.004 October. The Committee will 0.003 pace of these transactions and 0.003 to gradually slow the 0.003 purchases of 0.002 and 0.002 purchases of 0.002 in markets 0.002 as these 0.002 to 0.002 up 0.001 anticipates that the full 0.001 smooth transition 0.001 securities. To promote a 0.001 by the end of 0.001 the target range for 0.0 the federal funds rate 0.0 amount will be purchased 0.0 purchase 0.0 overall amounts of its 0.0 $300 billion of Treasury -0.018 the end of the year. In addition, the -0.011 completed, -0.01 liquidity programs as warranted. -0.009 are -0.009 and will make adjustments to its credit and -0.009 to preserve price stability. -0.008 The Committee will maintain -0.008 Federal Reserve will employ -0.007 will -0.007 economic outlook and -0.005 extended period. As previously -0.005 circumstances, the -0.005 In these -0.005 continues to anticipate that -0.004 has decided -0.004 announced, to provide support to mortgage lending -0.004 to improve overall conditions in private credit markets, -0.004 and composition of its balance sheet -0.004 debt by -0.004 Reserve -0.003 the Federal -0.003 and housing markets and -0.003 and -0.003 Treasury securities -0.003 at 0 to 1/4 percent -0.002 the process of buying -0.002 Federal Reserve is in -0.002 all available tools to -0.001 the evolving -0.001 and -0.001 promote economic recovery and -0.001 light of -0.001 up to -0.001 $200 billion -0.0 a -0.0 the -0.0 total of
inputs
-0.005 / 2
In these
-0.005 / 2
circumstances, the
-0.008 / 4
Federal Reserve will employ
-0.002 / 4
all available tools to
-0.001 / 4
promote economic recovery and
-0.009 / 4
to preserve price stability.
-0.008 / 4
The Committee will maintain
0.001 / 4
the target range for
0.0 / 4
the federal funds rate
-0.003 / 5
at 0 to 1/4 percent
-0.003
and
-0.005 / 4
continues to anticipate that
0.004 / 4
economic conditions are likely
0.009 / 4
to warrant exceptionally low
0.016 / 4
levels of the federal
0.018 / 4
funds rate for an
-0.005 / 4
extended period. As previously
-0.004 / 7
announced, to provide support to mortgage lending
-0.003 / 4
and housing markets and
-0.004 / 8
to improve overall conditions in private credit markets,
-0.003 / 2
the Federal
-0.004
Reserve
-0.007
will
0.0
purchase
-0.0
a
-0.0 / 2
total of
0.002
up
0.002
to
0.004 / 2
$1.25 trillion
0.007 / 2
of agency
0.005 / 2
mortgage-backed securities
0.002
and
-0.001 / 2
up to
-0.001 / 2
$200 billion
0.005 / 2
of agency
-0.004 / 2
debt by
-0.018 / 8
the end of the year. In addition, the
-0.002 / 4
Federal Reserve is in
-0.002 / 4
the process of buying
0.0 / 4
$300 billion of Treasury
0.001 / 4
securities. To promote a
0.001 / 2
smooth transition
0.002 / 2
in markets
0.002 / 2
as these
0.002 / 2
purchases of
-0.003 / 2
Treasury securities
-0.009
are
-0.011
completed,
-0.0
the
0.004
Committee
-0.004 / 2
has decided
0.003 / 4
to gradually slow the
0.003 / 5
pace of these transactions and
0.001 / 4
anticipates that the full
0.0 / 4
amount will be purchased
0.001 / 4
by the end of
0.004 / 4
October. The Committee will
0.006 / 5
continue to evaluate the timing
-0.001
and
0.0 / 4
overall amounts of its
0.003 / 2
purchases of
0.005 / 2
securities in
-0.001 / 2
light of
-0.001 / 2
the evolving
-0.007 / 3
economic outlook and
0.009 / 4
conditions in financial markets.
0.007 / 7
The Federal Reserve is monitoring the size
-0.004 / 6
and composition of its balance sheet
-0.009 / 8
and will make adjustments to its credit and
-0.01 / 4
liquidity programs as warranted.
-0.1-0.20-0.0379724-0.0379724base value-0.0747796-0.0747796fRussell 2000(inputs)0.018 funds rate for an 0.016 levels of the federal 0.009 to warrant exceptionally low 0.009 conditions in financial markets. 0.007 of agency 0.007 The Federal Reserve is monitoring the size 0.006 continue to evaluate the timing 0.005 mortgage-backed securities 0.005 of agency 0.005 securities in 0.004 Committee 0.004 $1.25 trillion 0.004 economic conditions are likely 0.004 October. The Committee will 0.003 pace of these transactions and 0.003 to gradually slow the 0.003 purchases of 0.002 and 0.002 purchases of 0.002 in markets 0.002 as these 0.002 to 0.002 up 0.001 anticipates that the full 0.001 smooth transition 0.001 securities. To promote a 0.001 by the end of 0.001 the target range for 0.0 the federal funds rate 0.0 amount will be purchased 0.0 purchase 0.0 overall amounts of its 0.0 $300 billion of Treasury -0.018 the end of the year. In addition, the -0.011 completed, -0.01 liquidity programs as warranted. -0.009 are -0.009 and will make adjustments to its credit and -0.009 to preserve price stability. -0.008 The Committee will maintain -0.008 Federal Reserve will employ -0.007 will -0.007 economic outlook and -0.005 extended period. As previously -0.005 circumstances, the -0.005 In these -0.005 continues to anticipate that -0.004 has decided -0.004 announced, to provide support to mortgage lending -0.004 to improve overall conditions in private credit markets, -0.004 and composition of its balance sheet -0.004 debt by -0.004 Reserve -0.003 the Federal -0.003 and housing markets and -0.003 and -0.003 Treasury securities -0.003 at 0 to 1/4 percent -0.002 the process of buying -0.002 Federal Reserve is in -0.002 all available tools to -0.001 the evolving -0.001 and -0.001 promote economic recovery and -0.001 light of -0.001 up to -0.001 $200 billion -0.0 a -0.0 the -0.0 total of
inputs
-0.005 / 2
In these
-0.005 / 2
circumstances, the
-0.008 / 4
Federal Reserve will employ
-0.002 / 4
all available tools to
-0.001 / 4
promote economic recovery and
-0.009 / 4
to preserve price stability.
-0.008 / 4
The Committee will maintain
0.001 / 4
the target range for
0.0 / 4
the federal funds rate
-0.003 / 5
at 0 to 1/4 percent
-0.003
and
-0.005 / 4
continues to anticipate that
0.004 / 4
economic conditions are likely
0.009 / 4
to warrant exceptionally low
0.016 / 4
levels of the federal
0.018 / 4
funds rate for an
-0.005 / 4
extended period. As previously
-0.004 / 7
announced, to provide support to mortgage lending
-0.003 / 4
and housing markets and
-0.004 / 8
to improve overall conditions in private credit markets,
-0.003 / 2
the Federal
-0.004
Reserve
-0.007
will
0.0
purchase
-0.0
a
-0.0 / 2
total of
0.002
up
0.002
to
0.004 / 2
$1.25 trillion
0.007 / 2
of agency
0.005 / 2
mortgage-backed securities
0.002
and
-0.001 / 2
up to
-0.001 / 2
$200 billion
0.005 / 2
of agency
-0.004 / 2
debt by
-0.018 / 8
the end of the year. In addition, the
-0.002 / 4
Federal Reserve is in
-0.002 / 4
the process of buying
0.0 / 4
$300 billion of Treasury
0.001 / 4
securities. To promote a
0.001 / 2
smooth transition
0.002 / 2
in markets
0.002 / 2
as these
0.002 / 2
purchases of
-0.003 / 2
Treasury securities
-0.009
are
-0.011
completed,
-0.0
the
0.004
Committee
-0.004 / 2
has decided
0.003 / 4
to gradually slow the
0.003 / 5
pace of these transactions and
0.001 / 4
anticipates that the full
0.0 / 4
amount will be purchased
0.001 / 4
by the end of
0.004 / 4
October. The Committee will
0.006 / 5
continue to evaluate the timing
-0.001
and
0.0 / 4
overall amounts of its
0.003 / 2
purchases of
0.005 / 2
securities in
-0.001 / 2
light of
-0.001 / 2
the evolving
-0.007 / 3
economic outlook and
0.009 / 4
conditions in financial markets.
0.007 / 7
The Federal Reserve is monitoring the size
-0.004 / 6
and composition of its balance sheet
-0.009 / 8
and will make adjustments to its credit and
-0.01 / 4
liquidity programs as warranted.
0-2-4246-0.00951516-0.00951516base value-0.108082-0.108082fNASDAQ Composite(inputs)0.013 funds rate for an 0.011 levels of the federal 0.009 Committee 0.006 October. The Committee will 0.004 of agency 0.003 the 0.003 continue to evaluate the timing 0.003 to warrant exceptionally low 0.003 mortgage-backed securities 0.002 at 0 to 1/4 percent 0.002 of agency 0.002 has decided 0.002 $1.25 trillion 0.002 by the end of 0.001 pace of these transactions and 0.001 securities in 0.001 to gradually slow the 0.001 up 0.001 securities. To promote a 0.0 anticipates that the full -0.014 Federal Reserve will employ -0.013 the end of the year. In addition, the -0.009 and composition of its balance sheet -0.008 all available tools to -0.007 promote economic recovery and -0.007 economic outlook and -0.007 circumstances, the -0.007 In these -0.006 will -0.006 the Federal -0.006 completed, -0.006 Federal Reserve is in -0.005 the process of buying -0.005 liquidity programs as warranted. -0.005 are -0.005 Reserve -0.004 and will make adjustments to its credit and -0.003 smooth transition -0.003 to preserve price stability. -0.003 economic conditions are likely -0.003 in markets -0.003 a -0.003 as these -0.003 purchase -0.003 purchases of -0.003 total of -0.002 debt by -0.002 and housing markets and -0.002 conditions in financial markets. -0.002 to improve overall conditions in private credit markets, -0.002 the evolving -0.002 extended period. As previously -0.002 The Federal Reserve is monitoring the size -0.001 The Committee will maintain -0.001 continues to anticipate that -0.001 up to -0.001 and -0.001 the target range for -0.001 overall amounts of its -0.001 light of -0.001 $200 billion -0.001 amount will be purchased -0.001 announced, to provide support to mortgage lending -0.001 the federal funds rate -0.0 Treasury securities -0.0 $300 billion of Treasury -0.0 purchases of -0.0 and -0.0 to -0.0 and
inputs
-0.007 / 2
In these
-0.007 / 2
circumstances, the
-0.014 / 4
Federal Reserve will employ
-0.008 / 4
all available tools to
-0.007 / 4
promote economic recovery and
-0.003 / 4
to preserve price stability.
-0.001 / 4
The Committee will maintain
-0.001 / 4
the target range for
-0.001 / 4
the federal funds rate
0.002 / 5
at 0 to 1/4 percent
-0.0
and
-0.001 / 4
continues to anticipate that
-0.003 / 4
economic conditions are likely
0.003 / 4
to warrant exceptionally low
0.011 / 4
levels of the federal
0.013 / 4
funds rate for an
-0.002 / 4
extended period. As previously
-0.001 / 7
announced, to provide support to mortgage lending
-0.002 / 4
and housing markets and
-0.002 / 8
to improve overall conditions in private credit markets,
-0.006 / 2
the Federal
-0.005
Reserve
-0.006
will
-0.003
purchase
-0.003
a
-0.003 / 2
total of
0.001
up
-0.0
to
0.002 / 2
$1.25 trillion
0.004 / 2
of agency
0.003 / 2
mortgage-backed securities
-0.0
and
-0.001 / 2
up to
-0.001 / 2
$200 billion
0.002 / 2
of agency
-0.002 / 2
debt by
-0.013 / 8
the end of the year. In addition, the
-0.006 / 4
Federal Reserve is in
-0.005 / 4
the process of buying
-0.0 / 4
$300 billion of Treasury
0.001 / 4
securities. To promote a
-0.003 / 2
smooth transition
-0.003 / 2
in markets
-0.003 / 2
as these
-0.003 / 2
purchases of
-0.0 / 2
Treasury securities
-0.005
are
-0.006
completed,
0.003
the
0.009
Committee
0.002 / 2
has decided
0.001 / 4
to gradually slow the
0.001 / 5
pace of these transactions and
0.0 / 4
anticipates that the full
-0.001 / 4
amount will be purchased
0.002 / 4
by the end of
0.006 / 4
October. The Committee will
0.003 / 5
continue to evaluate the timing
-0.001
and
-0.001 / 4
overall amounts of its
-0.0 / 2
purchases of
0.001 / 2
securities in
-0.001 / 2
light of
-0.002 / 2
the evolving
-0.007 / 3
economic outlook and
-0.002 / 4
conditions in financial markets.
-0.002 / 7
The Federal Reserve is monitoring the size
-0.009 / 6
and composition of its balance sheet
-0.004 / 8
and will make adjustments to its credit and
-0.005 / 4
liquidity programs as warranted.
-0.06-0.1-0.14-0.18-0.020.020.06-0.00951516-0.00951516base value-0.108082-0.108082fNASDAQ Composite(inputs)0.013 funds rate for an 0.011 levels of the federal 0.009 Committee 0.006 October. The Committee will 0.004 of agency 0.003 the 0.003 continue to evaluate the timing 0.003 to warrant exceptionally low 0.003 mortgage-backed securities 0.002 at 0 to 1/4 percent 0.002 of agency 0.002 has decided 0.002 $1.25 trillion 0.002 by the end of 0.001 pace of these transactions and 0.001 securities in 0.001 to gradually slow the 0.001 up 0.001 securities. To promote a 0.0 anticipates that the full -0.014 Federal Reserve will employ -0.013 the end of the year. In addition, the -0.009 and composition of its balance sheet -0.008 all available tools to -0.007 promote economic recovery and -0.007 economic outlook and -0.007 circumstances, the -0.007 In these -0.006 will -0.006 the Federal -0.006 completed, -0.006 Federal Reserve is in -0.005 the process of buying -0.005 liquidity programs as warranted. -0.005 are -0.005 Reserve -0.004 and will make adjustments to its credit and -0.003 smooth transition -0.003 to preserve price stability. -0.003 economic conditions are likely -0.003 in markets -0.003 a -0.003 as these -0.003 purchase -0.003 purchases of -0.003 total of -0.002 debt by -0.002 and housing markets and -0.002 conditions in financial markets. -0.002 to improve overall conditions in private credit markets, -0.002 the evolving -0.002 extended period. As previously -0.002 The Federal Reserve is monitoring the size -0.001 The Committee will maintain -0.001 continues to anticipate that -0.001 up to -0.001 and -0.001 the target range for -0.001 overall amounts of its -0.001 light of -0.001 $200 billion -0.001 amount will be purchased -0.001 announced, to provide support to mortgage lending -0.001 the federal funds rate -0.0 Treasury securities -0.0 $300 billion of Treasury -0.0 purchases of -0.0 and -0.0 to -0.0 and
inputs
-0.007 / 2
In these
-0.007 / 2
circumstances, the
-0.014 / 4
Federal Reserve will employ
-0.008 / 4
all available tools to
-0.007 / 4
promote economic recovery and
-0.003 / 4
to preserve price stability.
-0.001 / 4
The Committee will maintain
-0.001 / 4
the target range for
-0.001 / 4
the federal funds rate
0.002 / 5
at 0 to 1/4 percent
-0.0
and
-0.001 / 4
continues to anticipate that
-0.003 / 4
economic conditions are likely
0.003 / 4
to warrant exceptionally low
0.011 / 4
levels of the federal
0.013 / 4
funds rate for an
-0.002 / 4
extended period. As previously
-0.001 / 7
announced, to provide support to mortgage lending
-0.002 / 4
and housing markets and
-0.002 / 8
to improve overall conditions in private credit markets,
-0.006 / 2
the Federal
-0.005
Reserve
-0.006
will
-0.003
purchase
-0.003
a
-0.003 / 2
total of
0.001
up
-0.0
to
0.002 / 2
$1.25 trillion
0.004 / 2
of agency
0.003 / 2
mortgage-backed securities
-0.0
and
-0.001 / 2
up to
-0.001 / 2
$200 billion
0.002 / 2
of agency
-0.002 / 2
debt by
-0.013 / 8
the end of the year. In addition, the
-0.006 / 4
Federal Reserve is in
-0.005 / 4
the process of buying
-0.0 / 4
$300 billion of Treasury
0.001 / 4
securities. To promote a
-0.003 / 2
smooth transition
-0.003 / 2
in markets
-0.003 / 2
as these
-0.003 / 2
purchases of
-0.0 / 2
Treasury securities
-0.005
are
-0.006
completed,
0.003
the
0.009
Committee
0.002 / 2
has decided
0.001 / 4
to gradually slow the
0.001 / 5
pace of these transactions and
0.0 / 4
anticipates that the full
-0.001 / 4
amount will be purchased
0.002 / 4
by the end of
0.006 / 4
October. The Committee will
0.003 / 5
continue to evaluate the timing
-0.001
and
-0.001 / 4
overall amounts of its
-0.0 / 2
purchases of
0.001 / 2
securities in
-0.001 / 2
light of
-0.002 / 2
the evolving
-0.007 / 3
economic outlook and
-0.002 / 4
conditions in financial markets.
-0.002 / 7
The Federal Reserve is monitoring the size
-0.009 / 6
and composition of its balance sheet
-0.004 / 8
and will make adjustments to its credit and
-0.005 / 4
liquidity programs as warranted.
0-2-4246-0.0516021-0.0516021base value0.1435730.143573fVolatility Index(inputs)0.053 the end of the year. In addition, the 0.031 Federal Reserve will employ 0.026 Federal Reserve is in 0.025 liquidity programs as warranted. 0.022 the process of buying 0.021 and will make adjustments to its credit and 0.021 completed, 0.02 to improve overall conditions in private credit markets, 0.019 extended period. As previously 0.019 the target range for 0.019 are 0.018 will 0.018 In these 0.017 all available tools to 0.017 Reserve 0.016 announced, to provide support to mortgage lending 0.016 the federal funds rate 0.016 and housing markets and 0.015 debt by 0.014 promote economic recovery and 0.014 circumstances, the 0.013 $300 billion of Treasury 0.013 a 0.012 securities. To promote a 0.012 at 0 to 1/4 percent 0.01 purchase 0.009 total of 0.009 the Federal 0.008 the evolving 0.008 and 0.007 continues to anticipate that 0.007 up to 0.007 and composition of its balance sheet 0.006 has decided 0.006 and 0.006 $200 billion 0.006 economic outlook and 0.004 overall amounts of its 0.003 up 0.003 and 0.002 light of 0.001 to 0.001 $1.25 trillion 0.001 Treasury securities 0.001 amount will be purchased -0.044 Committee -0.035 October. The Committee will -0.03 continue to evaluate the timing -0.027 economic conditions are likely -0.022 of agency -0.017 pace of these transactions and -0.016 to warrant exceptionally low -0.015 of agency -0.015 The Committee will maintain -0.015 the -0.015 funds rate for an -0.014 securities in -0.013 The Federal Reserve is monitoring the size -0.012 conditions in financial markets. -0.012 purchases of -0.012 by the end of -0.012 purchases of -0.011 as these -0.011 in markets -0.011 levels of the federal -0.011 smooth transition -0.009 to preserve price stability. -0.007 mortgage-backed securities -0.006 anticipates that the full -0.004 to gradually slow the
inputs
0.018 / 2
In these
0.014 / 2
circumstances, the
0.031 / 4
Federal Reserve will employ
0.017 / 4
all available tools to
0.014 / 4
promote economic recovery and
-0.009 / 4
to preserve price stability.
-0.015 / 4
The Committee will maintain
0.019 / 4
the target range for
0.016 / 4
the federal funds rate
0.012 / 5
at 0 to 1/4 percent
0.008
and
0.007 / 4
continues to anticipate that
-0.027 / 4
economic conditions are likely
-0.016 / 4
to warrant exceptionally low
-0.011 / 4
levels of the federal
-0.015 / 4
funds rate for an
0.019 / 4
extended period. As previously
0.016 / 7
announced, to provide support to mortgage lending
0.016 / 4
and housing markets and
0.02 / 8
to improve overall conditions in private credit markets,
0.009 / 2
the Federal
0.017
Reserve
0.018
will
0.01
purchase
0.013
a
0.009 / 2
total of
0.003
up
0.001
to
0.001 / 2
$1.25 trillion
-0.022 / 2
of agency
-0.007 / 2
mortgage-backed securities
0.003
and
0.007 / 2
up to
0.006 / 2
$200 billion
-0.015 / 2
of agency
0.015 / 2
debt by
0.053 / 8
the end of the year. In addition, the
0.026 / 4
Federal Reserve is in
0.022 / 4
the process of buying
0.013 / 4
$300 billion of Treasury
0.012 / 4
securities. To promote a
-0.011 / 2
smooth transition
-0.011 / 2
in markets
-0.011 / 2
as these
-0.012 / 2
purchases of
0.001 / 2
Treasury securities
0.019
are
0.021
completed,
-0.015
the
-0.044
Committee
0.006 / 2
has decided
-0.004 / 4
to gradually slow the
-0.017 / 5
pace of these transactions and
-0.006 / 4
anticipates that the full
0.001 / 4
amount will be purchased
-0.012 / 4
by the end of
-0.035 / 4
October. The Committee will
-0.03 / 5
continue to evaluate the timing
0.006
and
0.004 / 4
overall amounts of its
-0.012 / 2
purchases of
-0.014 / 2
securities in
0.002 / 2
light of
0.008 / 2
the evolving
0.006 / 3
economic outlook and
-0.012 / 4
conditions in financial markets.
-0.013 / 7
The Federal Reserve is monitoring the size
0.007 / 6
and composition of its balance sheet
0.021 / 8
and will make adjustments to its credit and
0.025 / 4
liquidity programs as warranted.
0-0.2-0.40.20.4-0.0516021-0.0516021base value0.1435730.143573fVolatility Index(inputs)0.053 the end of the year. In addition, the 0.031 Federal Reserve will employ 0.026 Federal Reserve is in 0.025 liquidity programs as warranted. 0.022 the process of buying 0.021 and will make adjustments to its credit and 0.021 completed, 0.02 to improve overall conditions in private credit markets, 0.019 extended period. As previously 0.019 the target range for 0.019 are 0.018 will 0.018 In these 0.017 all available tools to 0.017 Reserve 0.016 announced, to provide support to mortgage lending 0.016 the federal funds rate 0.016 and housing markets and 0.015 debt by 0.014 promote economic recovery and 0.014 circumstances, the 0.013 $300 billion of Treasury 0.013 a 0.012 securities. To promote a 0.012 at 0 to 1/4 percent 0.01 purchase 0.009 total of 0.009 the Federal 0.008 the evolving 0.008 and 0.007 continues to anticipate that 0.007 up to 0.007 and composition of its balance sheet 0.006 has decided 0.006 and 0.006 $200 billion 0.006 economic outlook and 0.004 overall amounts of its 0.003 up 0.003 and 0.002 light of 0.001 to 0.001 $1.25 trillion 0.001 Treasury securities 0.001 amount will be purchased -0.044 Committee -0.035 October. The Committee will -0.03 continue to evaluate the timing -0.027 economic conditions are likely -0.022 of agency -0.017 pace of these transactions and -0.016 to warrant exceptionally low -0.015 of agency -0.015 The Committee will maintain -0.015 the -0.015 funds rate for an -0.014 securities in -0.013 The Federal Reserve is monitoring the size -0.012 conditions in financial markets. -0.012 purchases of -0.012 by the end of -0.012 purchases of -0.011 as these -0.011 in markets -0.011 levels of the federal -0.011 smooth transition -0.009 to preserve price stability. -0.007 mortgage-backed securities -0.006 anticipates that the full -0.004 to gradually slow the
inputs
0.018 / 2
In these
0.014 / 2
circumstances, the
0.031 / 4
Federal Reserve will employ
0.017 / 4
all available tools to
0.014 / 4
promote economic recovery and
-0.009 / 4
to preserve price stability.
-0.015 / 4
The Committee will maintain
0.019 / 4
the target range for
0.016 / 4
the federal funds rate
0.012 / 5
at 0 to 1/4 percent
0.008
and
0.007 / 4
continues to anticipate that
-0.027 / 4
economic conditions are likely
-0.016 / 4
to warrant exceptionally low
-0.011 / 4
levels of the federal
-0.015 / 4
funds rate for an
0.019 / 4
extended period. As previously
0.016 / 7
announced, to provide support to mortgage lending
0.016 / 4
and housing markets and
0.02 / 8
to improve overall conditions in private credit markets,
0.009 / 2
the Federal
0.017
Reserve
0.018
will
0.01
purchase
0.013
a
0.009 / 2
total of
0.003
up
0.001
to
0.001 / 2
$1.25 trillion
-0.022 / 2
of agency
-0.007 / 2
mortgage-backed securities
0.003
and
0.007 / 2
up to
0.006 / 2
$200 billion
-0.015 / 2
of agency
0.015 / 2
debt by
0.053 / 8
the end of the year. In addition, the
0.026 / 4
Federal Reserve is in
0.022 / 4
the process of buying
0.013 / 4
$300 billion of Treasury
0.012 / 4
securities. To promote a
-0.011 / 2
smooth transition
-0.011 / 2
in markets
-0.011 / 2
as these
-0.012 / 2
purchases of
0.001 / 2
Treasury securities
0.019
are
0.021
completed,
-0.015
the
-0.044
Committee
0.006 / 2
has decided
-0.004 / 4
to gradually slow the
-0.017 / 5
pace of these transactions and
-0.006 / 4
anticipates that the full
0.001 / 4
amount will be purchased
-0.012 / 4
by the end of
-0.035 / 4
October. The Committee will
-0.03 / 5
continue to evaluate the timing
0.006
and
0.004 / 4
overall amounts of its
-0.012 / 2
purchases of
-0.014 / 2
securities in
0.002 / 2
light of
0.008 / 2
the evolving
0.006 / 3
economic outlook and
-0.012 / 4
conditions in financial markets.
-0.013 / 7
The Federal Reserve is monitoring the size
0.007 / 6
and composition of its balance sheet
0.021 / 8
and will make adjustments to its credit and
0.025 / 4
liquidity programs as warranted.
0-2-42460.1338250.133825base value0.2190580.219058f13 Week Treasury Bill(inputs)0.608 Committee 0.509 to warrant exceptionally low 0.432 economic conditions are likely 0.371 has decided 0.368 mortgage-backed securities 0.348 funds rate for an 0.29 of agency 0.274 to gradually slow the 0.258 the 0.229 levels of the federal 0.211 economic outlook and 0.198 pace of these transactions and 0.198 light of 0.185 October. The Committee will 0.157 debt by 0.148 the evolving 0.144 of agency 0.127 purchases of 0.102 securities in 0.082 the end of the year. In addition, the 0.071 purchases of 0.059 as these 0.053 and will make adjustments to its credit and 0.051 in markets 0.049 smooth transition 0.045 and 0.044 liquidity programs as warranted. 0.037 overall amounts of its 0.033 $1.25 trillion 0.023 The Committee will maintain 0.018 promote economic recovery and 0.015 by the end of 0.006 continue to evaluate the timing -0.47 will -0.387 Federal Reserve will employ -0.3 purchase -0.285 the target range for -0.282 a -0.28 Reserve -0.255 total of -0.241 the federal funds rate -0.2 the process of buying -0.193 conditions in financial markets. -0.189 The Federal Reserve is monitoring the size -0.183 anticipates that the full -0.181 Federal Reserve is in -0.175 continues to anticipate that -0.169 amount will be purchased -0.155 In these -0.149 extended period. As previously -0.145 completed, -0.144 are -0.142 the Federal -0.134 securities. To promote a -0.132 circumstances, the -0.132 $300 billion of Treasury -0.106 up to -0.084 announced, to provide support to mortgage lending -0.084 and -0.07 up -0.067 and composition of its balance sheet -0.054 to -0.05 all available tools to -0.049 to preserve price stability. -0.046 at 0 to 1/4 percent -0.044 $200 billion -0.037 and housing markets and -0.019 to improve overall conditions in private credit markets, -0.012 Treasury securities -0.01 and
inputs
-0.155 / 2
In these
-0.132 / 2
circumstances, the
-0.387 / 4
Federal Reserve will employ
-0.05 / 4
all available tools to
0.018 / 4
promote economic recovery and
-0.049 / 4
to preserve price stability.
0.023 / 4
The Committee will maintain
-0.285 / 4
the target range for
-0.241 / 4
the federal funds rate
-0.046 / 5
at 0 to 1/4 percent
-0.084
and
-0.175 / 4
continues to anticipate that
0.432 / 4
economic conditions are likely
0.509 / 4
to warrant exceptionally low
0.229 / 4
levels of the federal
0.348 / 4
funds rate for an
-0.149 / 4
extended period. As previously
-0.084 / 7
announced, to provide support to mortgage lending
-0.037 / 4
and housing markets and
-0.019 / 8
to improve overall conditions in private credit markets,
-0.142 / 2
the Federal
-0.28
Reserve
-0.47
will
-0.3
purchase
-0.282
a
-0.255 / 2
total of
-0.07
up
-0.054
to
0.033 / 2
$1.25 trillion
0.29 / 2
of agency
0.368 / 2
mortgage-backed securities
0.045
and
-0.106 / 2
up to
-0.044 / 2
$200 billion
0.144 / 2
of agency
0.157 / 2
debt by
0.082 / 8
the end of the year. In addition, the
-0.181 / 4
Federal Reserve is in
-0.2 / 4
the process of buying
-0.132 / 4
$300 billion of Treasury
-0.134 / 4
securities. To promote a
0.049 / 2
smooth transition
0.051 / 2
in markets
0.059 / 2
as these
0.071 / 2
purchases of
-0.012 / 2
Treasury securities
-0.144
are
-0.145
completed,
0.258
the
0.608
Committee
0.371 / 2
has decided
0.274 / 4
to gradually slow the
0.198 / 5
pace of these transactions and
-0.183 / 4
anticipates that the full
-0.169 / 4
amount will be purchased
0.015 / 4
by the end of
0.185 / 4
October. The Committee will
0.006 / 5
continue to evaluate the timing
-0.01
and
0.037 / 4
overall amounts of its
0.127 / 2
purchases of
0.102 / 2
securities in
0.198 / 2
light of
0.148 / 2
the evolving
0.211 / 3
economic outlook and
-0.193 / 4
conditions in financial markets.
-0.189 / 7
The Federal Reserve is monitoring the size
-0.067 / 6
and composition of its balance sheet
0.053 / 8
and will make adjustments to its credit and
0.044 / 4
liquidity programs as warranted.
0-2-42460.1338250.133825base value0.2190580.219058f13 Week Treasury Bill(inputs)0.608 Committee 0.509 to warrant exceptionally low 0.432 economic conditions are likely 0.371 has decided 0.368 mortgage-backed securities 0.348 funds rate for an 0.29 of agency 0.274 to gradually slow the 0.258 the 0.229 levels of the federal 0.211 economic outlook and 0.198 pace of these transactions and 0.198 light of 0.185 October. The Committee will 0.157 debt by 0.148 the evolving 0.144 of agency 0.127 purchases of 0.102 securities in 0.082 the end of the year. In addition, the 0.071 purchases of 0.059 as these 0.053 and will make adjustments to its credit and 0.051 in markets 0.049 smooth transition 0.045 and 0.044 liquidity programs as warranted. 0.037 overall amounts of its 0.033 $1.25 trillion 0.023 The Committee will maintain 0.018 promote economic recovery and 0.015 by the end of 0.006 continue to evaluate the timing -0.47 will -0.387 Federal Reserve will employ -0.3 purchase -0.285 the target range for -0.282 a -0.28 Reserve -0.255 total of -0.241 the federal funds rate -0.2 the process of buying -0.193 conditions in financial markets. -0.189 The Federal Reserve is monitoring the size -0.183 anticipates that the full -0.181 Federal Reserve is in -0.175 continues to anticipate that -0.169 amount will be purchased -0.155 In these -0.149 extended period. As previously -0.145 completed, -0.144 are -0.142 the Federal -0.134 securities. To promote a -0.132 circumstances, the -0.132 $300 billion of Treasury -0.106 up to -0.084 announced, to provide support to mortgage lending -0.084 and -0.07 up -0.067 and composition of its balance sheet -0.054 to -0.05 all available tools to -0.049 to preserve price stability. -0.046 at 0 to 1/4 percent -0.044 $200 billion -0.037 and housing markets and -0.019 to improve overall conditions in private credit markets, -0.012 Treasury securities -0.01 and
inputs
-0.155 / 2
In these
-0.132 / 2
circumstances, the
-0.387 / 4
Federal Reserve will employ
-0.05 / 4
all available tools to
0.018 / 4
promote economic recovery and
-0.049 / 4
to preserve price stability.
0.023 / 4
The Committee will maintain
-0.285 / 4
the target range for
-0.241 / 4
the federal funds rate
-0.046 / 5
at 0 to 1/4 percent
-0.084
and
-0.175 / 4
continues to anticipate that
0.432 / 4
economic conditions are likely
0.509 / 4
to warrant exceptionally low
0.229 / 4
levels of the federal
0.348 / 4
funds rate for an
-0.149 / 4
extended period. As previously
-0.084 / 7
announced, to provide support to mortgage lending
-0.037 / 4
and housing markets and
-0.019 / 8
to improve overall conditions in private credit markets,
-0.142 / 2
the Federal
-0.28
Reserve
-0.47
will
-0.3
purchase
-0.282
a
-0.255 / 2
total of
-0.07
up
-0.054
to
0.033 / 2
$1.25 trillion
0.29 / 2
of agency
0.368 / 2
mortgage-backed securities
0.045
and
-0.106 / 2
up to
-0.044 / 2
$200 billion
0.144 / 2
of agency
0.157 / 2
debt by
0.082 / 8
the end of the year. In addition, the
-0.181 / 4
Federal Reserve is in
-0.2 / 4
the process of buying
-0.132 / 4
$300 billion of Treasury
-0.134 / 4
securities. To promote a
0.049 / 2
smooth transition
0.051 / 2
in markets
0.059 / 2
as these
0.071 / 2
purchases of
-0.012 / 2
Treasury securities
-0.144
are
-0.145
completed,
0.258
the
0.608
Committee
0.371 / 2
has decided
0.274 / 4
to gradually slow the
0.198 / 5
pace of these transactions and
-0.183 / 4
anticipates that the full
-0.169 / 4
amount will be purchased
0.015 / 4
by the end of
0.185 / 4
October. The Committee will
0.006 / 5
continue to evaluate the timing
-0.01
and
0.037 / 4
overall amounts of its
0.127 / 2
purchases of
0.102 / 2
securities in
0.198 / 2
light of
0.148 / 2
the evolving
0.211 / 3
economic outlook and
-0.193 / 4
conditions in financial markets.
-0.189 / 7
The Federal Reserve is monitoring the size
-0.067 / 6
and composition of its balance sheet
0.053 / 8
and will make adjustments to its credit and
0.044 / 4
liquidity programs as warranted.
0-2-4246-0.167669-0.167669base value-0.0940987-0.0940987fTreasury Yield 30 Years(inputs)0.026 Committee 0.025 funds rate for an 0.022 levels of the federal 0.018 economic outlook and 0.018 economic conditions are likely 0.016 to warrant exceptionally low 0.012 The Committee will maintain 0.011 the 0.009 the federal funds rate 0.008 the target range for 0.008 to preserve price stability. 0.008 The Federal Reserve is monitoring the size 0.008 pace of these transactions and 0.007 October. The Committee will 0.007 of agency 0.006 $1.25 trillion 0.006 smooth transition 0.006 the Federal 0.005 light of 0.005 in markets 0.005 at 0 to 1/4 percent 0.005 and composition of its balance sheet 0.005 purchases of 0.004 the evolving 0.004 as these 0.003 to gradually slow the 0.003 mortgage-backed securities 0.003 and will make adjustments to its credit and 0.003 of agency 0.003 liquidity programs as warranted. 0.003 has decided 0.002 conditions in financial markets. 0.001 continues to anticipate that 0.001 and 0.0 to 0.0 and -0.02 the end of the year. In addition, the -0.015 total of -0.013 completed, -0.012 purchase -0.012 are -0.011 a -0.008 In these -0.007 to improve overall conditions in private credit markets, -0.007 Federal Reserve will employ -0.007 securities. To promote a -0.007 and housing markets and -0.007 circumstances, the -0.007 extended period. As previously -0.007 amount will be purchased -0.006 will -0.006 Treasury securities -0.006 debt by -0.006 Federal Reserve is in -0.006 $300 billion of Treasury -0.005 the process of buying -0.004 and -0.004 Reserve -0.004 up to -0.004 announced, to provide support to mortgage lending -0.003 anticipates that the full -0.003 purchases of -0.002 overall amounts of its -0.002 $200 billion -0.001 up -0.001 all available tools to -0.001 by the end of -0.0 continue to evaluate the timing -0.0 securities in -0.0 promote economic recovery and
inputs
-0.008 / 2
In these
-0.007 / 2
circumstances, the
-0.007 / 4
Federal Reserve will employ
-0.001 / 4
all available tools to
-0.0 / 4
promote economic recovery and
0.008 / 4
to preserve price stability.
0.012 / 4
The Committee will maintain
0.008 / 4
the target range for
0.009 / 4
the federal funds rate
0.005 / 5
at 0 to 1/4 percent
0.001
and
0.001 / 4
continues to anticipate that
0.018 / 4
economic conditions are likely
0.016 / 4
to warrant exceptionally low
0.022 / 4
levels of the federal
0.025 / 4
funds rate for an
-0.007 / 4
extended period. As previously
-0.004 / 7
announced, to provide support to mortgage lending
-0.007 / 4
and housing markets and
-0.007 / 8
to improve overall conditions in private credit markets,
0.006 / 2
the Federal
-0.004
Reserve
-0.006
will
-0.012
purchase
-0.011
a
-0.015 / 2
total of
-0.001
up
0.0
to
0.006 / 2
$1.25 trillion
0.007 / 2
of agency
0.003 / 2
mortgage-backed securities
0.0
and
-0.004 / 2
up to
-0.002 / 2
$200 billion
0.003 / 2
of agency
-0.006 / 2
debt by
-0.02 / 8
the end of the year. In addition, the
-0.006 / 4
Federal Reserve is in
-0.005 / 4
the process of buying
-0.006 / 4
$300 billion of Treasury
-0.007 / 4
securities. To promote a
0.006 / 2
smooth transition
0.005 / 2
in markets
0.004 / 2
as these
0.005 / 2
purchases of
-0.006 / 2
Treasury securities
-0.012
are
-0.013
completed,
0.011
the
0.026
Committee
0.003 / 2
has decided
0.003 / 4
to gradually slow the
0.008 / 5
pace of these transactions and
-0.003 / 4
anticipates that the full
-0.007 / 4
amount will be purchased
-0.001 / 4
by the end of
0.007 / 4
October. The Committee will
-0.0 / 5
continue to evaluate the timing
-0.004
and
-0.002 / 4
overall amounts of its
-0.003 / 2
purchases of
-0.0 / 2
securities in
0.005 / 2
light of
0.004 / 2
the evolving
0.018 / 3
economic outlook and
0.002 / 4
conditions in financial markets.
0.008 / 7
The Federal Reserve is monitoring the size
0.005 / 6
and composition of its balance sheet
0.003 / 8
and will make adjustments to its credit and
0.003 / 4
liquidity programs as warranted.
-0.1-0.2-0.300.1-0.167669-0.167669base value-0.0940987-0.0940987fTreasury Yield 30 Years(inputs)0.026 Committee 0.025 funds rate for an 0.022 levels of the federal 0.018 economic outlook and 0.018 economic conditions are likely 0.016 to warrant exceptionally low 0.012 The Committee will maintain 0.011 the 0.009 the federal funds rate 0.008 the target range for 0.008 to preserve price stability. 0.008 The Federal Reserve is monitoring the size 0.008 pace of these transactions and 0.007 October. The Committee will 0.007 of agency 0.006 $1.25 trillion 0.006 smooth transition 0.006 the Federal 0.005 light of 0.005 in markets 0.005 at 0 to 1/4 percent 0.005 and composition of its balance sheet 0.005 purchases of 0.004 the evolving 0.004 as these 0.003 to gradually slow the 0.003 mortgage-backed securities 0.003 and will make adjustments to its credit and 0.003 of agency 0.003 liquidity programs as warranted. 0.003 has decided 0.002 conditions in financial markets. 0.001 continues to anticipate that 0.001 and 0.0 to 0.0 and -0.02 the end of the year. In addition, the -0.015 total of -0.013 completed, -0.012 purchase -0.012 are -0.011 a -0.008 In these -0.007 to improve overall conditions in private credit markets, -0.007 Federal Reserve will employ -0.007 securities. To promote a -0.007 and housing markets and -0.007 circumstances, the -0.007 extended period. As previously -0.007 amount will be purchased -0.006 will -0.006 Treasury securities -0.006 debt by -0.006 Federal Reserve is in -0.006 $300 billion of Treasury -0.005 the process of buying -0.004 and -0.004 Reserve -0.004 up to -0.004 announced, to provide support to mortgage lending -0.003 anticipates that the full -0.003 purchases of -0.002 overall amounts of its -0.002 $200 billion -0.001 up -0.001 all available tools to -0.001 by the end of -0.0 continue to evaluate the timing -0.0 securities in -0.0 promote economic recovery and
inputs
-0.008 / 2
In these
-0.007 / 2
circumstances, the
-0.007 / 4
Federal Reserve will employ
-0.001 / 4
all available tools to
-0.0 / 4
promote economic recovery and
0.008 / 4
to preserve price stability.
0.012 / 4
The Committee will maintain
0.008 / 4
the target range for
0.009 / 4
the federal funds rate
0.005 / 5
at 0 to 1/4 percent
0.001
and
0.001 / 4
continues to anticipate that
0.018 / 4
economic conditions are likely
0.016 / 4
to warrant exceptionally low
0.022 / 4
levels of the federal
0.025 / 4
funds rate for an
-0.007 / 4
extended period. As previously
-0.004 / 7
announced, to provide support to mortgage lending
-0.007 / 4
and housing markets and
-0.007 / 8
to improve overall conditions in private credit markets,
0.006 / 2
the Federal
-0.004
Reserve
-0.006
will
-0.012
purchase
-0.011
a
-0.015 / 2
total of
-0.001
up
0.0
to
0.006 / 2
$1.25 trillion
0.007 / 2
of agency
0.003 / 2
mortgage-backed securities
0.0
and
-0.004 / 2
up to
-0.002 / 2
$200 billion
0.003 / 2
of agency
-0.006 / 2
debt by
-0.02 / 8
the end of the year. In addition, the
-0.006 / 4
Federal Reserve is in
-0.005 / 4
the process of buying
-0.006 / 4
$300 billion of Treasury
-0.007 / 4
securities. To promote a
0.006 / 2
smooth transition
0.005 / 2
in markets
0.004 / 2
as these
0.005 / 2
purchases of
-0.006 / 2
Treasury securities
-0.012
are
-0.013
completed,
0.011
the
0.026
Committee
0.003 / 2
has decided
0.003 / 4
to gradually slow the
0.008 / 5
pace of these transactions and
-0.003 / 4
anticipates that the full
-0.007 / 4
amount will be purchased
-0.001 / 4
by the end of
0.007 / 4
October. The Committee will
-0.0 / 5
continue to evaluate the timing
-0.004
and
-0.002 / 4
overall amounts of its
-0.003 / 2
purchases of
-0.0 / 2
securities in
0.005 / 2
light of
0.004 / 2
the evolving
0.018 / 3
economic outlook and
0.002 / 4
conditions in financial markets.
0.008 / 7
The Federal Reserve is monitoring the size
0.005 / 6
and composition of its balance sheet
0.003 / 8
and will make adjustments to its credit and
0.003 / 4
liquidity programs as warranted.
June 16, 2021
outputs
S&P 500
Russell 2000
NASDAQ Composite
Volatility Index
13 Week Treasury Bill
Treasury Yield 30 Years


-0-3-636-0.0208046-0.0208046base value-0.03767-0.03767fS&P 500(inputs)0.02 range for the federal funds rate at 0 0.014 of 2 percent over 0.014 inflation at the rate 0.013 to 1/4 percent and 0.009 mortgage‑backed securities 0.007 of agency 0.006 levels consistent with the Committee's assessments of maximum employment 0.005 seeks to 0.005 The Committee 0.005 achieve maximum employment 0.004 and 0.004 by at least $40 0.004 percent. The 0.004 inflation averages 2 percent over time and 0.004 and 0.003 moderately exceed 2 percent 0.003 Committee 0.002 Committee's maximum employment 0.002 expects 0.002 the longer run. With inflation having run persistently 0.001 billion per 0.001 been made toward the 0.0 the Committee 0.0 an 0.0 so -0.015 longer‑term inflation -0.012 price stability goals. These asset purchases help foster -0.01 smooth market functioning and accommodative financial conditions, thereby -0.009 its holdings of Treasury -0.007 appropriate to maintain this -0.007 achieved. The Committee decided to keep the target -0.006 remain -0.005 will continue -0.005 market conditions have reached -0.005 to increase -0.005 and businesses. -0.004 for some time. In addition, the Federal Reserve -0.004 is on track to -0.004 to achieve inflation moderately -0.004 expectations -0.004 well anchored at 2 -0.003 below this -0.003 and inflation has risen to -0.003 until these outcomes are -0.003 some time -0.003 longer-run -0.003 until labor -0.003 goal, -0.003 supporting the flow of credit to households -0.002 maintain -0.002 substantial further progress has -0.002 target range -0.002 will be -0.002 2 percent and -0.001 to -0.001 expects it -0.001 and -0.001 stance of monetary policy -0.001 above 2 percent for -0.001 $80 billion per month -0.001 will aim -0.0 that -0.0 accommodative -0.0 securities by at least -0.0 month until
inputs
0.005 / 2
The Committee
0.005 / 2
seeks to
0.005 / 3
achieve maximum employment
0.004
and
0.014 / 4
inflation at the rate
0.014 / 4
of 2 percent over
0.002 / 8
the longer run. With inflation having run persistently
-0.003 / 2
below this
-0.003
longer-run
-0.003
goal,
0.0 / 2
the Committee
-0.001 / 2
will aim
-0.004 / 4
to achieve inflation moderately
-0.001 / 4
above 2 percent for
-0.003 / 2
some time
0.0
so
-0.0
that
0.004 / 7
inflation averages 2 percent over time and
-0.015 / 2
longer‑term inflation
-0.004
expectations
-0.006
remain
-0.004 / 4
well anchored at 2
0.004 / 2
percent. The
0.003
Committee
0.002
expects
-0.001
to
-0.002
maintain
0.0
an
-0.0
accommodative
-0.001 / 4
stance of monetary policy
-0.003 / 4
until these outcomes are
-0.007 / 8
achieved. The Committee decided to keep the target
0.02 / 8
range for the federal funds rate at 0
0.013 / 4
to 1/4 percent and
-0.001 / 2
expects it
-0.002 / 2
will be
-0.007 / 4
appropriate to maintain this
-0.002 / 2
target range
-0.003 / 2
until labor
-0.005 / 4
market conditions have reached
0.006 / 9
levels consistent with the Committee's assessments of maximum employment
-0.003 / 5
and inflation has risen to
-0.002 / 3
2 percent and
-0.004 / 4
is on track to
0.003 / 4
moderately exceed 2 percent
-0.004 / 8
for some time. In addition, the Federal Reserve
-0.005 / 2
will continue
-0.005 / 2
to increase
-0.009 / 4
its holdings of Treasury
-0.0 / 4
securities by at least
-0.001 / 4
$80 billion per month
-0.001
and
0.007 / 2
of agency
0.009 / 2
mortgage‑backed securities
0.004 / 4
by at least $40
0.001 / 2
billion per
-0.0 / 2
month until
-0.002 / 4
substantial further progress has
0.001 / 4
been made toward the
0.002 / 3
Committee's maximum employment
0.004
and
-0.012 / 8
price stability goals. These asset purchases help foster
-0.01 / 8
smooth market functioning and accommodative financial conditions, thereby
-0.003 / 7
supporting the flow of credit to households
-0.005 / 2
and businesses.
-0-0-0-0-0-0-0-0-0-0000000000-0.0208046-0.0208046base value-0.03767-0.03767fS&P 500(inputs)0.02 range for the federal funds rate at 0 0.014 of 2 percent over 0.014 inflation at the rate 0.013 to 1/4 percent and 0.009 mortgage‑backed securities 0.007 of agency 0.006 levels consistent with the Committee's assessments of maximum employment 0.005 seeks to 0.005 The Committee 0.005 achieve maximum employment 0.004 and 0.004 by at least $40 0.004 percent. The 0.004 inflation averages 2 percent over time and 0.004 and 0.003 moderately exceed 2 percent 0.003 Committee 0.002 Committee's maximum employment 0.002 expects 0.002 the longer run. With inflation having run persistently 0.001 billion per 0.001 been made toward the 0.0 the Committee 0.0 an 0.0 so -0.015 longer‑term inflation -0.012 price stability goals. These asset purchases help foster -0.01 smooth market functioning and accommodative financial conditions, thereby -0.009 its holdings of Treasury -0.007 appropriate to maintain this -0.007 achieved. The Committee decided to keep the target -0.006 remain -0.005 will continue -0.005 market conditions have reached -0.005 to increase -0.005 and businesses. -0.004 for some time. In addition, the Federal Reserve -0.004 is on track to -0.004 to achieve inflation moderately -0.004 expectations -0.004 well anchored at 2 -0.003 below this -0.003 and inflation has risen to -0.003 until these outcomes are -0.003 some time -0.003 longer-run -0.003 until labor -0.003 goal, -0.003 supporting the flow of credit to households -0.002 maintain -0.002 substantial further progress has -0.002 target range -0.002 will be -0.002 2 percent and -0.001 to -0.001 expects it -0.001 and -0.001 stance of monetary policy -0.001 above 2 percent for -0.001 $80 billion per month -0.001 will aim -0.0 that -0.0 accommodative -0.0 securities by at least -0.0 month until
inputs
0.005 / 2
The Committee
0.005 / 2
seeks to
0.005 / 3
achieve maximum employment
0.004
and
0.014 / 4
inflation at the rate
0.014 / 4
of 2 percent over
0.002 / 8
the longer run. With inflation having run persistently
-0.003 / 2
below this
-0.003
longer-run
-0.003
goal,
0.0 / 2
the Committee
-0.001 / 2
will aim
-0.004 / 4
to achieve inflation moderately
-0.001 / 4
above 2 percent for
-0.003 / 2
some time
0.0
so
-0.0
that
0.004 / 7
inflation averages 2 percent over time and
-0.015 / 2
longer‑term inflation
-0.004
expectations
-0.006
remain
-0.004 / 4
well anchored at 2
0.004 / 2
percent. The
0.003
Committee
0.002
expects
-0.001
to
-0.002
maintain
0.0
an
-0.0
accommodative
-0.001 / 4
stance of monetary policy
-0.003 / 4
until these outcomes are
-0.007 / 8
achieved. The Committee decided to keep the target
0.02 / 8
range for the federal funds rate at 0
0.013 / 4
to 1/4 percent and
-0.001 / 2
expects it
-0.002 / 2
will be
-0.007 / 4
appropriate to maintain this
-0.002 / 2
target range
-0.003 / 2
until labor
-0.005 / 4
market conditions have reached
0.006 / 9
levels consistent with the Committee's assessments of maximum employment
-0.003 / 5
and inflation has risen to
-0.002 / 3
2 percent and
-0.004 / 4
is on track to
0.003 / 4
moderately exceed 2 percent
-0.004 / 8
for some time. In addition, the Federal Reserve
-0.005 / 2
will continue
-0.005 / 2
to increase
-0.009 / 4
its holdings of Treasury
-0.0 / 4
securities by at least
-0.001 / 4
$80 billion per month
-0.001
and
0.007 / 2
of agency
0.009 / 2
mortgage‑backed securities
0.004 / 4
by at least $40
0.001 / 2
billion per
-0.0 / 2
month until
-0.002 / 4
substantial further progress has
0.001 / 4
been made toward the
0.002 / 3
Committee's maximum employment
0.004
and
-0.012 / 8
price stability goals. These asset purchases help foster
-0.01 / 8
smooth market functioning and accommodative financial conditions, thereby
-0.003 / 7
supporting the flow of credit to households
-0.005 / 2
and businesses.
-0-3-636-0.0379724-0.0379724base value-0.0259429-0.0259429fRussell 2000(inputs)0.03 range for the federal funds rate at 0 0.019 inflation at the rate 0.018 of 2 percent over 0.018 to 1/4 percent and 0.012 mortgage‑backed securities 0.01 achieve maximum employment 0.01 levels consistent with the Committee's assessments of maximum employment 0.009 of agency 0.009 seeks to 0.008 The Committee 0.007 and 0.007 the longer run. With inflation having run persistently 0.005 inflation averages 2 percent over time and 0.005 and 0.004 by at least $40 0.004 target range 0.003 Committee 0.002 percent. The 0.001 Committee's maximum employment 0.001 until labor 0.001 expects 0.001 billion per 0.001 the Committee 0.001 stance of monetary policy 0.0 so -0.017 its holdings of Treasury -0.014 achieved. The Committee decided to keep the target -0.01 price stability goals. These asset purchases help foster -0.01 will continue -0.01 remain -0.01 smooth market functioning and accommodative financial conditions, thereby -0.009 appropriate to maintain this -0.009 to increase -0.009 well anchored at 2 -0.007 is on track to -0.006 expectations -0.006 longer‑term inflation -0.005 and businesses. -0.005 will be -0.004 substantial further progress has -0.004 expects it -0.003 maintain -0.003 some time -0.003 longer-run -0.003 below this -0.003 market conditions have reached -0.003 goal, -0.002 above 2 percent for -0.002 to -0.002 $80 billion per month -0.002 and -0.002 until these outcomes are -0.002 for some time. In addition, the Federal Reserve -0.002 2 percent and -0.002 supporting the flow of credit to households -0.002 to achieve inflation moderately -0.001 accommodative -0.001 an -0.001 securities by at least -0.001 that -0.001 month until -0.0 and inflation has risen to -0.0 moderately exceed 2 percent -0.0 will aim -0.0 been made toward the
inputs
0.008 / 2
The Committee
0.009 / 2
seeks to
0.01 / 3
achieve maximum employment
0.007
and
0.019 / 4
inflation at the rate
0.018 / 4
of 2 percent over
0.007 / 8
the longer run. With inflation having run persistently
-0.003 / 2
below this
-0.003
longer-run
-0.003
goal,
0.001 / 2
the Committee
-0.0 / 2
will aim
-0.002 / 4
to achieve inflation moderately
-0.002 / 4
above 2 percent for
-0.003 / 2
some time
0.0
so
-0.001
that
0.005 / 7
inflation averages 2 percent over time and
-0.006 / 2
longer‑term inflation
-0.006
expectations
-0.01
remain
-0.009 / 4
well anchored at 2
0.002 / 2
percent. The
0.003
Committee
0.001
expects
-0.002
to
-0.003
maintain
-0.001
an
-0.001
accommodative
0.001 / 4
stance of monetary policy
-0.002 / 4
until these outcomes are
-0.014 / 8
achieved. The Committee decided to keep the target
0.03 / 8
range for the federal funds rate at 0
0.018 / 4
to 1/4 percent and
-0.004 / 2
expects it
-0.005 / 2
will be
-0.009 / 4
appropriate to maintain this
0.004 / 2
target range
0.001 / 2
until labor
-0.003 / 4
market conditions have reached
0.01 / 9
levels consistent with the Committee's assessments of maximum employment
-0.0 / 5
and inflation has risen to
-0.002 / 3
2 percent and
-0.007 / 4
is on track to
-0.0 / 4
moderately exceed 2 percent
-0.002 / 8
for some time. In addition, the Federal Reserve
-0.01 / 2
will continue
-0.009 / 2
to increase
-0.017 / 4
its holdings of Treasury
-0.001 / 4
securities by at least
-0.002 / 4
$80 billion per month
-0.002
and
0.009 / 2
of agency
0.012 / 2
mortgage‑backed securities
0.004 / 4
by at least $40
0.001 / 2
billion per
-0.001 / 2
month until
-0.004 / 4
substantial further progress has
-0.0 / 4
been made toward the
0.001 / 3
Committee's maximum employment
0.005
and
-0.01 / 8
price stability goals. These asset purchases help foster
-0.01 / 8
smooth market functioning and accommodative financial conditions, thereby
-0.002 / 7
supporting the flow of credit to households
-0.005 / 2
and businesses.
-0-0.1-0.20.1-0.0379724-0.0379724base value-0.0259429-0.0259429fRussell 2000(inputs)0.03 range for the federal funds rate at 0 0.019 inflation at the rate 0.018 of 2 percent over 0.018 to 1/4 percent and 0.012 mortgage‑backed securities 0.01 achieve maximum employment 0.01 levels consistent with the Committee's assessments of maximum employment 0.009 of agency 0.009 seeks to 0.008 The Committee 0.007 and 0.007 the longer run. With inflation having run persistently 0.005 inflation averages 2 percent over time and 0.005 and 0.004 by at least $40 0.004 target range 0.003 Committee 0.002 percent. The 0.001 Committee's maximum employment 0.001 until labor 0.001 expects 0.001 billion per 0.001 the Committee 0.001 stance of monetary policy 0.0 so -0.017 its holdings of Treasury -0.014 achieved. The Committee decided to keep the target -0.01 price stability goals. These asset purchases help foster -0.01 will continue -0.01 remain -0.01 smooth market functioning and accommodative financial conditions, thereby -0.009 appropriate to maintain this -0.009 to increase -0.009 well anchored at 2 -0.007 is on track to -0.006 expectations -0.006 longer‑term inflation -0.005 and businesses. -0.005 will be -0.004 substantial further progress has -0.004 expects it -0.003 maintain -0.003 some time -0.003 longer-run -0.003 below this -0.003 market conditions have reached -0.003 goal, -0.002 above 2 percent for -0.002 to -0.002 $80 billion per month -0.002 and -0.002 until these outcomes are -0.002 for some time. In addition, the Federal Reserve -0.002 2 percent and -0.002 supporting the flow of credit to households -0.002 to achieve inflation moderately -0.001 accommodative -0.001 an -0.001 securities by at least -0.001 that -0.001 month until -0.0 and inflation has risen to -0.0 moderately exceed 2 percent -0.0 will aim -0.0 been made toward the
inputs
0.008 / 2
The Committee
0.009 / 2
seeks to
0.01 / 3
achieve maximum employment
0.007
and
0.019 / 4
inflation at the rate
0.018 / 4
of 2 percent over
0.007 / 8
the longer run. With inflation having run persistently
-0.003 / 2
below this
-0.003
longer-run
-0.003
goal,
0.001 / 2
the Committee
-0.0 / 2
will aim
-0.002 / 4
to achieve inflation moderately
-0.002 / 4
above 2 percent for
-0.003 / 2
some time
0.0
so
-0.001
that
0.005 / 7
inflation averages 2 percent over time and
-0.006 / 2
longer‑term inflation
-0.006
expectations
-0.01
remain
-0.009 / 4
well anchored at 2
0.002 / 2
percent. The
0.003
Committee
0.001
expects
-0.002
to
-0.003
maintain
-0.001
an
-0.001
accommodative
0.001 / 4
stance of monetary policy
-0.002 / 4
until these outcomes are
-0.014 / 8
achieved. The Committee decided to keep the target
0.03 / 8
range for the federal funds rate at 0
0.018 / 4
to 1/4 percent and
-0.004 / 2
expects it
-0.005 / 2
will be
-0.009 / 4
appropriate to maintain this
0.004 / 2
target range
0.001 / 2
until labor
-0.003 / 4
market conditions have reached
0.01 / 9
levels consistent with the Committee's assessments of maximum employment
-0.0 / 5
and inflation has risen to
-0.002 / 3
2 percent and
-0.007 / 4
is on track to
-0.0 / 4
moderately exceed 2 percent
-0.002 / 8
for some time. In addition, the Federal Reserve
-0.01 / 2
will continue
-0.009 / 2
to increase
-0.017 / 4
its holdings of Treasury
-0.001 / 4
securities by at least
-0.002 / 4
$80 billion per month
-0.002
and
0.009 / 2
of agency
0.012 / 2
mortgage‑backed securities
0.004 / 4
by at least $40
0.001 / 2
billion per
-0.001 / 2
month until
-0.004 / 4
substantial further progress has
-0.0 / 4
been made toward the
0.001 / 3
Committee's maximum employment
0.005
and
-0.01 / 8
price stability goals. These asset purchases help foster
-0.01 / 8
smooth market functioning and accommodative financial conditions, thereby
-0.002 / 7
supporting the flow of credit to households
-0.005 / 2
and businesses.
-0-3-636-0.00951516-0.00951516base value-0.0201647-0.0201647fNASDAQ Composite(inputs)0.014 inflation at the rate 0.014 of 2 percent over 0.011 range for the federal funds rate at 0 0.01 levels consistent with the Committee's assessments of maximum employment 0.009 The Committee 0.008 to 1/4 percent and 0.008 and 0.007 Committee's maximum employment 0.007 seeks to 0.006 mortgage‑backed securities 0.006 percent. The 0.006 the longer run. With inflation having run persistently 0.005 achieve maximum employment 0.005 of agency 0.005 and 0.004 Committee 0.004 by at least $40 0.003 inflation averages 2 percent over time and 0.003 been made toward the 0.003 moderately exceed 2 percent 0.003 expects 0.003 the Committee 0.001 an 0.001 accommodative 0.001 above 2 percent for 0.001 billion per 0.0 2 percent and 0.0 so 0.0 and inflation has risen to 0.0 will aim -0.016 price stability goals. These asset purchases help foster -0.014 longer‑term inflation -0.013 smooth market functioning and accommodative financial conditions, thereby -0.01 for some time. In addition, the Federal Reserve -0.009 appropriate to maintain this -0.009 market conditions have reached -0.007 its holdings of Treasury -0.006 remain -0.006 target range -0.006 and businesses. -0.005 achieved. The Committee decided to keep the target -0.005 is on track to -0.005 until labor -0.005 until these outcomes are -0.004 expectations -0.004 stance of monetary policy -0.003 supporting the flow of credit to households -0.003 will continue -0.003 to achieve inflation moderately -0.003 well anchored at 2 -0.003 to increase -0.002 goal, -0.002 below this -0.002 maintain -0.002 longer-run -0.002 will be -0.002 some time -0.002 expects it -0.002 substantial further progress has -0.001 to -0.001 and -0.001 securities by at least -0.001 $80 billion per month -0.0 that -0.0 month until
inputs
0.009 / 2
The Committee
0.007 / 2
seeks to
0.005 / 3
achieve maximum employment
0.005
and
0.014 / 4
inflation at the rate
0.014 / 4
of 2 percent over
0.006 / 8
the longer run. With inflation having run persistently
-0.002 / 2
below this
-0.002
longer-run
-0.002
goal,
0.003 / 2
the Committee
0.0 / 2
will aim
-0.003 / 4
to achieve inflation moderately
0.001 / 4
above 2 percent for
-0.002 / 2
some time
0.0
so
-0.0
that
0.003 / 7
inflation averages 2 percent over time and
-0.014 / 2
longer‑term inflation
-0.004
expectations
-0.006
remain
-0.003 / 4
well anchored at 2
0.006 / 2
percent. The
0.004
Committee
0.003
expects
-0.001
to
-0.002
maintain
0.001
an
0.001
accommodative
-0.004 / 4
stance of monetary policy
-0.005 / 4
until these outcomes are
-0.005 / 8
achieved. The Committee decided to keep the target
0.011 / 8
range for the federal funds rate at 0
0.008 / 4
to 1/4 percent and
-0.002 / 2
expects it
-0.002 / 2
will be
-0.009 / 4
appropriate to maintain this
-0.006 / 2
target range
-0.005 / 2
until labor
-0.009 / 4
market conditions have reached
0.01 / 9
levels consistent with the Committee's assessments of maximum employment
0.0 / 5
and inflation has risen to
0.0 / 3
2 percent and
-0.005 / 4
is on track to
0.003 / 4
moderately exceed 2 percent
-0.01 / 8
for some time. In addition, the Federal Reserve
-0.003 / 2
will continue
-0.003 / 2
to increase
-0.007 / 4
its holdings of Treasury
-0.001 / 4
securities by at least
-0.001 / 4
$80 billion per month
-0.001
and
0.005 / 2
of agency
0.006 / 2
mortgage‑backed securities
0.004 / 4
by at least $40
0.001 / 2
billion per
-0.0 / 2
month until
-0.002 / 4
substantial further progress has
0.003 / 4
been made toward the
0.007 / 3
Committee's maximum employment
0.008
and
-0.016 / 8
price stability goals. These asset purchases help foster
-0.013 / 8
smooth market functioning and accommodative financial conditions, thereby
-0.003 / 7
supporting the flow of credit to households
-0.006 / 2
and businesses.
-0-0.10.1-0.00951516-0.00951516base value-0.0201647-0.0201647fNASDAQ Composite(inputs)0.014 inflation at the rate 0.014 of 2 percent over 0.011 range for the federal funds rate at 0 0.01 levels consistent with the Committee's assessments of maximum employment 0.009 The Committee 0.008 to 1/4 percent and 0.008 and 0.007 Committee's maximum employment 0.007 seeks to 0.006 mortgage‑backed securities 0.006 percent. The 0.006 the longer run. With inflation having run persistently 0.005 achieve maximum employment 0.005 of agency 0.005 and 0.004 Committee 0.004 by at least $40 0.003 inflation averages 2 percent over time and 0.003 been made toward the 0.003 moderately exceed 2 percent 0.003 expects 0.003 the Committee 0.001 an 0.001 accommodative 0.001 above 2 percent for 0.001 billion per 0.0 2 percent and 0.0 so 0.0 and inflation has risen to 0.0 will aim -0.016 price stability goals. These asset purchases help foster -0.014 longer‑term inflation -0.013 smooth market functioning and accommodative financial conditions, thereby -0.01 for some time. In addition, the Federal Reserve -0.009 appropriate to maintain this -0.009 market conditions have reached -0.007 its holdings of Treasury -0.006 remain -0.006 target range -0.006 and businesses. -0.005 achieved. The Committee decided to keep the target -0.005 is on track to -0.005 until labor -0.005 until these outcomes are -0.004 expectations -0.004 stance of monetary policy -0.003 supporting the flow of credit to households -0.003 will continue -0.003 to achieve inflation moderately -0.003 well anchored at 2 -0.003 to increase -0.002 goal, -0.002 below this -0.002 maintain -0.002 longer-run -0.002 will be -0.002 some time -0.002 expects it -0.002 substantial further progress has -0.001 to -0.001 and -0.001 securities by at least -0.001 $80 billion per month -0.0 that -0.0 month until
inputs
0.009 / 2
The Committee
0.007 / 2
seeks to
0.005 / 3
achieve maximum employment
0.005
and
0.014 / 4
inflation at the rate
0.014 / 4
of 2 percent over
0.006 / 8
the longer run. With inflation having run persistently
-0.002 / 2
below this
-0.002
longer-run
-0.002
goal,
0.003 / 2
the Committee
0.0 / 2
will aim
-0.003 / 4
to achieve inflation moderately
0.001 / 4
above 2 percent for
-0.002 / 2
some time
0.0
so
-0.0
that
0.003 / 7
inflation averages 2 percent over time and
-0.014 / 2
longer‑term inflation
-0.004
expectations
-0.006
remain
-0.003 / 4
well anchored at 2
0.006 / 2
percent. The
0.004
Committee
0.003
expects
-0.001
to
-0.002
maintain
0.001
an
0.001
accommodative
-0.004 / 4
stance of monetary policy
-0.005 / 4
until these outcomes are
-0.005 / 8
achieved. The Committee decided to keep the target
0.011 / 8
range for the federal funds rate at 0
0.008 / 4
to 1/4 percent and
-0.002 / 2
expects it
-0.002 / 2
will be
-0.009 / 4
appropriate to maintain this
-0.006 / 2
target range
-0.005 / 2
until labor
-0.009 / 4
market conditions have reached
0.01 / 9
levels consistent with the Committee's assessments of maximum employment
0.0 / 5
and inflation has risen to
0.0 / 3
2 percent and
-0.005 / 4
is on track to
0.003 / 4
moderately exceed 2 percent
-0.01 / 8
for some time. In addition, the Federal Reserve
-0.003 / 2
will continue
-0.003 / 2
to increase
-0.007 / 4
its holdings of Treasury
-0.001 / 4
securities by at least
-0.001 / 4
$80 billion per month
-0.001
and
0.005 / 2
of agency
0.006 / 2
mortgage‑backed securities
0.004 / 4
by at least $40
0.001 / 2
billion per
-0.0 / 2
month until
-0.002 / 4
substantial further progress has
0.003 / 4
been made toward the
0.007 / 3
Committee's maximum employment
0.008
and
-0.016 / 8
price stability goals. These asset purchases help foster
-0.013 / 8
smooth market functioning and accommodative financial conditions, thereby
-0.003 / 7
supporting the flow of credit to households
-0.006 / 2
and businesses.
-0-3-636-0.0516021-0.0516021base value-0.0586863-0.0586863fVolatility Index(inputs)0.069 target range 0.035 to increase 0.035 for some time. In addition, the Federal Reserve 0.032 until labor 0.028 will continue 0.028 its holdings of Treasury 0.023 substantial further progress has 0.021 is on track to 0.02 price stability goals. These asset purchases help foster 0.017 moderately exceed 2 percent 0.012 achieved. The Committee decided to keep the target 0.012 longer-run 0.012 smooth market functioning and accommodative financial conditions, thereby 0.011 goal, 0.011 below this 0.011 some time 0.01 $80 billion per month 0.009 and businesses. 0.009 longer‑term inflation 0.009 and 0.009 well anchored at 2 0.008 month until 0.008 accommodative 0.006 market conditions have reached 0.006 billion per 0.005 to 0.005 securities by at least 0.005 an 0.004 maintain 0.004 above 2 percent for 0.004 to achieve inflation moderately 0.003 that 0.001 to 1/4 percent and 0.001 appropriate to maintain this 0.0 2 percent and 0.0 by at least $40 0.0 remain -0.052 the longer run. With inflation having run persistently -0.05 inflation at the rate -0.047 levels consistent with the Committee's assessments of maximum employment -0.046 of 2 percent over -0.027 mortgage‑backed securities -0.026 of agency -0.024 and -0.024 The Committee -0.023 Committee's maximum employment -0.018 Committee -0.016 seeks to -0.016 the Committee -0.014 supporting the flow of credit to households -0.013 percent. The -0.012 range for the federal funds rate at 0 -0.01 expects -0.009 expectations -0.009 been made toward the -0.008 achieve maximum employment -0.008 inflation averages 2 percent over time and -0.007 stance of monetary policy -0.007 expects it -0.007 and -0.005 will be -0.004 will aim -0.003 and inflation has risen to -0.002 until these outcomes are -0.0 so
inputs
-0.024 / 2
The Committee
-0.016 / 2
seeks to
-0.008 / 3
achieve maximum employment
-0.007
and
-0.05 / 4
inflation at the rate
-0.046 / 4
of 2 percent over
-0.052 / 8
the longer run. With inflation having run persistently
0.011 / 2
below this
0.012
longer-run
0.011
goal,
-0.016 / 2
the Committee
-0.004 / 2
will aim
0.004 / 4
to achieve inflation moderately
0.004 / 4
above 2 percent for
0.011 / 2
some time
-0.0
so
0.003
that
-0.008 / 7
inflation averages 2 percent over time and
0.009 / 2
longer‑term inflation
-0.009
expectations
0.0
remain
0.009 / 4
well anchored at 2
-0.013 / 2
percent. The
-0.018
Committee
-0.01
expects
0.005
to
0.004
maintain
0.005
an
0.008
accommodative
-0.007 / 4
stance of monetary policy
-0.002 / 4
until these outcomes are
0.012 / 8
achieved. The Committee decided to keep the target
-0.012 / 8
range for the federal funds rate at 0
0.001 / 4
to 1/4 percent and
-0.007 / 2
expects it
-0.005 / 2
will be
0.001 / 4
appropriate to maintain this
0.069 / 2
target range
0.032 / 2
until labor
0.006 / 4
market conditions have reached
-0.047 / 9
levels consistent with the Committee's assessments of maximum employment
-0.003 / 5
and inflation has risen to
0.0 / 3
2 percent and
0.021 / 4
is on track to
0.017 / 4
moderately exceed 2 percent
0.035 / 8
for some time. In addition, the Federal Reserve
0.028 / 2
will continue
0.035 / 2
to increase
0.028 / 4
its holdings of Treasury
0.005 / 4
securities by at least
0.01 / 4
$80 billion per month
0.009
and
-0.026 / 2
of agency
-0.027 / 2
mortgage‑backed securities
0.0 / 4
by at least $40
0.006 / 2
billion per
0.008 / 2
month until
0.023 / 4
substantial further progress has
-0.009 / 4
been made toward the
-0.023 / 3
Committee's maximum employment
-0.024
and
0.02 / 8
price stability goals. These asset purchases help foster
0.012 / 8
smooth market functioning and accommodative financial conditions, thereby
-0.014 / 7
supporting the flow of credit to households
0.009 / 2
and businesses.
-0.1-0.3-0.50.10.3-0.0516021-0.0516021base value-0.0586863-0.0586863fVolatility Index(inputs)0.069 target range 0.035 to increase 0.035 for some time. In addition, the Federal Reserve 0.032 until labor 0.028 will continue 0.028 its holdings of Treasury 0.023 substantial further progress has 0.021 is on track to 0.02 price stability goals. These asset purchases help foster 0.017 moderately exceed 2 percent 0.012 achieved. The Committee decided to keep the target 0.012 longer-run 0.012 smooth market functioning and accommodative financial conditions, thereby 0.011 goal, 0.011 below this 0.011 some time 0.01 $80 billion per month 0.009 and businesses. 0.009 longer‑term inflation 0.009 and 0.009 well anchored at 2 0.008 month until 0.008 accommodative 0.006 market conditions have reached 0.006 billion per 0.005 to 0.005 securities by at least 0.005 an 0.004 maintain 0.004 above 2 percent for 0.004 to achieve inflation moderately 0.003 that 0.001 to 1/4 percent and 0.001 appropriate to maintain this 0.0 2 percent and 0.0 by at least $40 0.0 remain -0.052 the longer run. With inflation having run persistently -0.05 inflation at the rate -0.047 levels consistent with the Committee's assessments of maximum employment -0.046 of 2 percent over -0.027 mortgage‑backed securities -0.026 of agency -0.024 and -0.024 The Committee -0.023 Committee's maximum employment -0.018 Committee -0.016 seeks to -0.016 the Committee -0.014 supporting the flow of credit to households -0.013 percent. The -0.012 range for the federal funds rate at 0 -0.01 expects -0.009 expectations -0.009 been made toward the -0.008 achieve maximum employment -0.008 inflation averages 2 percent over time and -0.007 stance of monetary policy -0.007 expects it -0.007 and -0.005 will be -0.004 will aim -0.003 and inflation has risen to -0.002 until these outcomes are -0.0 so
inputs
-0.024 / 2
The Committee
-0.016 / 2
seeks to
-0.008 / 3
achieve maximum employment
-0.007
and
-0.05 / 4
inflation at the rate
-0.046 / 4
of 2 percent over
-0.052 / 8
the longer run. With inflation having run persistently
0.011 / 2
below this
0.012
longer-run
0.011
goal,
-0.016 / 2
the Committee
-0.004 / 2
will aim
0.004 / 4
to achieve inflation moderately
0.004 / 4
above 2 percent for
0.011 / 2
some time
-0.0
so
0.003
that
-0.008 / 7
inflation averages 2 percent over time and
0.009 / 2
longer‑term inflation
-0.009
expectations
0.0
remain
0.009 / 4
well anchored at 2
-0.013 / 2
percent. The
-0.018
Committee
-0.01
expects
0.005
to
0.004
maintain
0.005
an
0.008
accommodative
-0.007 / 4
stance of monetary policy
-0.002 / 4
until these outcomes are
0.012 / 8
achieved. The Committee decided to keep the target
-0.012 / 8
range for the federal funds rate at 0
0.001 / 4
to 1/4 percent and
-0.007 / 2
expects it
-0.005 / 2
will be
0.001 / 4
appropriate to maintain this
0.069 / 2
target range
0.032 / 2
until labor
0.006 / 4
market conditions have reached
-0.047 / 9
levels consistent with the Committee's assessments of maximum employment
-0.003 / 5
and inflation has risen to
0.0 / 3
2 percent and
0.021 / 4
is on track to
0.017 / 4
moderately exceed 2 percent
0.035 / 8
for some time. In addition, the Federal Reserve
0.028 / 2
will continue
0.035 / 2
to increase
0.028 / 4
its holdings of Treasury
0.005 / 4
securities by at least
0.01 / 4
$80 billion per month
0.009
and
-0.026 / 2
of agency
-0.027 / 2
mortgage‑backed securities
0.0 / 4
by at least $40
0.006 / 2
billion per
0.008 / 2
month until
0.023 / 4
substantial further progress has
-0.009 / 4
been made toward the
-0.023 / 3
Committee's maximum employment
-0.024
and
0.02 / 8
price stability goals. These asset purchases help foster
0.012 / 8
smooth market functioning and accommodative financial conditions, thereby
-0.014 / 7
supporting the flow of credit to households
0.009 / 2
and businesses.
-0-3-6360.1338250.133825base value-0.209826-0.209826f13 Week Treasury Bill(inputs)0.583 mortgage‑backed securities 0.499 supporting the flow of credit to households 0.473 inflation at the rate 0.467 the longer run. With inflation having run persistently 0.436 of 2 percent over 0.419 price stability goals. These asset purchases help foster 0.358 of agency 0.314 by at least $40 0.299 achieved. The Committee decided to keep the target 0.282 Committee's maximum employment 0.267 The Committee 0.258 levels consistent with the Committee's assessments of maximum employment 0.254 been made toward the 0.253 and inflation has risen to 0.245 and 0.227 stance of monetary policy 0.209 the Committee 0.177 seeks to 0.165 smooth market functioning and accommodative financial conditions, thereby 0.156 Committee 0.155 until these outcomes are 0.146 and businesses. 0.142 range for the federal funds rate at 0 0.136 2 percent and 0.115 well anchored at 2 0.081 to 1/4 percent and 0.049 percent. The 0.042 substantial further progress has 0.003 will aim 0.003 below this 0.002 above 2 percent for -0.892 target range -0.698 until labor -0.594 longer‑term inflation -0.438 remain -0.358 expectations -0.34 appropriate to maintain this -0.326 expects it -0.31 will be -0.261 accommodative -0.245 for some time. In addition, the Federal Reserve -0.243 to increase -0.214 achieve maximum employment -0.212 an -0.199 securities by at least -0.197 maintain -0.192 to -0.19 will continue -0.187 $80 billion per month -0.175 and -0.174 moderately exceed 2 percent -0.159 is on track to -0.144 inflation averages 2 percent over time and -0.117 month until -0.113 that -0.11 its holdings of Treasury -0.107 goal, -0.082 market conditions have reached -0.068 to achieve inflation moderately -0.062 longer-run -0.056 so -0.039 and -0.038 some time -0.019 billion per -0.0 expects
inputs
0.267 / 2
The Committee
0.177 / 2
seeks to
-0.214 / 3
achieve maximum employment
-0.039
and
0.473 / 4
inflation at the rate
0.436 / 4
of 2 percent over
0.467 / 8
the longer run. With inflation having run persistently
0.003 / 2
below this
-0.062
longer-run
-0.107
goal,
0.209 / 2
the Committee
0.003 / 2
will aim
-0.068 / 4
to achieve inflation moderately
0.002 / 4
above 2 percent for
-0.038 / 2
some time
-0.056
so
-0.113
that
-0.144 / 7
inflation averages 2 percent over time and
-0.594 / 2
longer‑term inflation
-0.358
expectations
-0.438
remain
0.115 / 4
well anchored at 2
0.049 / 2
percent. The
0.156
Committee
-0.0
expects
-0.192
to
-0.197
maintain
-0.212
an
-0.261
accommodative
0.227 / 4
stance of monetary policy
0.155 / 4
until these outcomes are
0.299 / 8
achieved. The Committee decided to keep the target
0.142 / 8
range for the federal funds rate at 0
0.081 / 4
to 1/4 percent and
-0.326 / 2
expects it
-0.31 / 2
will be
-0.34 / 4
appropriate to maintain this
-0.892 / 2
target range
-0.698 / 2
until labor
-0.082 / 4
market conditions have reached
0.258 / 9
levels consistent with the Committee's assessments of maximum employment
0.253 / 5
and inflation has risen to
0.136 / 3
2 percent and
-0.159 / 4
is on track to
-0.174 / 4
moderately exceed 2 percent
-0.245 / 8
for some time. In addition, the Federal Reserve
-0.19 / 2
will continue
-0.243 / 2
to increase
-0.11 / 4
its holdings of Treasury
-0.199 / 4
securities by at least
-0.187 / 4
$80 billion per month
-0.175
and
0.358 / 2
of agency
0.583 / 2
mortgage‑backed securities
0.314 / 4
by at least $40
-0.019 / 2
billion per
-0.117 / 2
month until
0.042 / 4
substantial further progress has
0.254 / 4
been made toward the
0.282 / 3
Committee's maximum employment
0.245
and
0.419 / 8
price stability goals. These asset purchases help foster
0.165 / 8
smooth market functioning and accommodative financial conditions, thereby
0.499 / 7
supporting the flow of credit to households
0.146 / 2
and businesses.
-0-3-6360.1338250.133825base value-0.209826-0.209826f13 Week Treasury Bill(inputs)0.583 mortgage‑backed securities 0.499 supporting the flow of credit to households 0.473 inflation at the rate 0.467 the longer run. With inflation having run persistently 0.436 of 2 percent over 0.419 price stability goals. These asset purchases help foster 0.358 of agency 0.314 by at least $40 0.299 achieved. The Committee decided to keep the target 0.282 Committee's maximum employment 0.267 The Committee 0.258 levels consistent with the Committee's assessments of maximum employment 0.254 been made toward the 0.253 and inflation has risen to 0.245 and 0.227 stance of monetary policy 0.209 the Committee 0.177 seeks to 0.165 smooth market functioning and accommodative financial conditions, thereby 0.156 Committee 0.155 until these outcomes are 0.146 and businesses. 0.142 range for the federal funds rate at 0 0.136 2 percent and 0.115 well anchored at 2 0.081 to 1/4 percent and 0.049 percent. The 0.042 substantial further progress has 0.003 will aim 0.003 below this 0.002 above 2 percent for -0.892 target range -0.698 until labor -0.594 longer‑term inflation -0.438 remain -0.358 expectations -0.34 appropriate to maintain this -0.326 expects it -0.31 will be -0.261 accommodative -0.245 for some time. In addition, the Federal Reserve -0.243 to increase -0.214 achieve maximum employment -0.212 an -0.199 securities by at least -0.197 maintain -0.192 to -0.19 will continue -0.187 $80 billion per month -0.175 and -0.174 moderately exceed 2 percent -0.159 is on track to -0.144 inflation averages 2 percent over time and -0.117 month until -0.113 that -0.11 its holdings of Treasury -0.107 goal, -0.082 market conditions have reached -0.068 to achieve inflation moderately -0.062 longer-run -0.056 so -0.039 and -0.038 some time -0.019 billion per -0.0 expects
inputs
0.267 / 2
The Committee
0.177 / 2
seeks to
-0.214 / 3
achieve maximum employment
-0.039
and
0.473 / 4
inflation at the rate
0.436 / 4
of 2 percent over
0.467 / 8
the longer run. With inflation having run persistently
0.003 / 2
below this
-0.062
longer-run
-0.107
goal,
0.209 / 2
the Committee
0.003 / 2
will aim
-0.068 / 4
to achieve inflation moderately
0.002 / 4
above 2 percent for
-0.038 / 2
some time
-0.056
so
-0.113
that
-0.144 / 7
inflation averages 2 percent over time and
-0.594 / 2
longer‑term inflation
-0.358
expectations
-0.438
remain
0.115 / 4
well anchored at 2
0.049 / 2
percent. The
0.156
Committee
-0.0
expects
-0.192
to
-0.197
maintain
-0.212
an
-0.261
accommodative
0.227 / 4
stance of monetary policy
0.155 / 4
until these outcomes are
0.299 / 8
achieved. The Committee decided to keep the target
0.142 / 8
range for the federal funds rate at 0
0.081 / 4
to 1/4 percent and
-0.326 / 2
expects it
-0.31 / 2
will be
-0.34 / 4
appropriate to maintain this
-0.892 / 2
target range
-0.698 / 2
until labor
-0.082 / 4
market conditions have reached
0.258 / 9
levels consistent with the Committee's assessments of maximum employment
0.253 / 5
and inflation has risen to
0.136 / 3
2 percent and
-0.159 / 4
is on track to
-0.174 / 4
moderately exceed 2 percent
-0.245 / 8
for some time. In addition, the Federal Reserve
-0.19 / 2
will continue
-0.243 / 2
to increase
-0.11 / 4
its holdings of Treasury
-0.199 / 4
securities by at least
-0.187 / 4
$80 billion per month
-0.175
and
0.358 / 2
of agency
0.583 / 2
mortgage‑backed securities
0.314 / 4
by at least $40
-0.019 / 2
billion per
-0.117 / 2
month until
0.042 / 4
substantial further progress has
0.254 / 4
been made toward the
0.282 / 3
Committee's maximum employment
0.245
and
0.419 / 8
price stability goals. These asset purchases help foster
0.165 / 8
smooth market functioning and accommodative financial conditions, thereby
0.499 / 7
supporting the flow of credit to households
0.146 / 2
and businesses.
-0-3-636-0.167669-0.167669base value-0.0858898-0.0858898fTreasury Yield 30 Years(inputs)0.039 levels consistent with the Committee's assessments of maximum employment 0.036 achieved. The Committee decided to keep the target 0.035 range for the federal funds rate at 0 0.034 stance of monetary policy 0.026 until these outcomes are 0.025 The Committee 0.022 seeks to 0.019 to 1/4 percent and 0.018 Committee's maximum employment 0.018 achieve maximum employment 0.016 and 0.015 and 0.01 supporting the flow of credit to households 0.01 mortgage‑backed securities 0.009 Committee 0.009 the Committee 0.008 of agency 0.007 been made toward the 0.006 inflation at the rate 0.006 of 2 percent over 0.006 percent. The 0.004 expects 0.003 will aim 0.003 by at least $40 0.001 expects it -0.054 longer‑term inflation -0.022 inflation averages 2 percent over time and -0.015 market conditions have reached -0.013 to achieve inflation moderately -0.013 remain -0.013 and inflation has risen to -0.012 above 2 percent for -0.01 to increase -0.01 2 percent and -0.01 expectations -0.009 some time -0.009 will continue -0.008 target range -0.008 until labor -0.007 price stability goals. These asset purchases help foster -0.006 accommodative -0.006 smooth market functioning and accommodative financial conditions, thereby -0.006 an -0.006 securities by at least -0.005 well anchored at 2 -0.005 moderately exceed 2 percent -0.005 substantial further progress has -0.005 below this -0.005 maintain -0.004 to -0.004 longer-run -0.004 and -0.004 $80 billion per month -0.004 goal, -0.003 the longer run. With inflation having run persistently -0.003 that -0.003 its holdings of Treasury -0.003 month until -0.003 so -0.002 appropriate to maintain this -0.001 and businesses. -0.001 billion per -0.001 is on track to -0.0 for some time. In addition, the Federal Reserve -0.0 will be
inputs
0.025 / 2
The Committee
0.022 / 2
seeks to
0.018 / 3
achieve maximum employment
0.016
and
0.006 / 4
inflation at the rate
0.006 / 4
of 2 percent over
-0.003 / 8
the longer run. With inflation having run persistently
-0.005 / 2
below this
-0.004
longer-run
-0.004
goal,
0.009 / 2
the Committee
0.003 / 2
will aim
-0.013 / 4
to achieve inflation moderately
-0.012 / 4
above 2 percent for
-0.009 / 2
some time
-0.003
so
-0.003
that
-0.022 / 7
inflation averages 2 percent over time and
-0.054 / 2
longer‑term inflation
-0.01
expectations
-0.013
remain
-0.005 / 4
well anchored at 2
0.006 / 2
percent. The
0.009
Committee
0.004
expects
-0.004
to
-0.005
maintain
-0.006
an
-0.006
accommodative
0.034 / 4
stance of monetary policy
0.026 / 4
until these outcomes are
0.036 / 8
achieved. The Committee decided to keep the target
0.035 / 8
range for the federal funds rate at 0
0.019 / 4
to 1/4 percent and
0.001 / 2
expects it
-0.0 / 2
will be
-0.002 / 4
appropriate to maintain this
-0.008 / 2
target range
-0.008 / 2
until labor
-0.015 / 4
market conditions have reached
0.039 / 9
levels consistent with the Committee's assessments of maximum employment
-0.013 / 5
and inflation has risen to
-0.01 / 3
2 percent and
-0.001 / 4
is on track to
-0.005 / 4
moderately exceed 2 percent
-0.0 / 8
for some time. In addition, the Federal Reserve
-0.009 / 2
will continue
-0.01 / 2
to increase
-0.003 / 4
its holdings of Treasury
-0.006 / 4
securities by at least
-0.004 / 4
$80 billion per month
-0.004
and
0.008 / 2
of agency
0.01 / 2
mortgage‑backed securities
0.003 / 4
by at least $40
-0.001 / 2
billion per
-0.003 / 2
month until
-0.005 / 4
substantial further progress has
0.007 / 4
been made toward the
0.018 / 3
Committee's maximum employment
0.015
and
-0.007 / 8
price stability goals. These asset purchases help foster
-0.006 / 8
smooth market functioning and accommodative financial conditions, thereby
0.01 / 7
supporting the flow of credit to households
-0.001 / 2
and businesses.
-0.1-0.2-0.3-0.400.10.2-0.167669-0.167669base value-0.0858898-0.0858898fTreasury Yield 30 Years(inputs)0.039 levels consistent with the Committee's assessments of maximum employment 0.036 achieved. The Committee decided to keep the target 0.035 range for the federal funds rate at 0 0.034 stance of monetary policy 0.026 until these outcomes are 0.025 The Committee 0.022 seeks to 0.019 to 1/4 percent and 0.018 Committee's maximum employment 0.018 achieve maximum employment 0.016 and 0.015 and 0.01 supporting the flow of credit to households 0.01 mortgage‑backed securities 0.009 Committee 0.009 the Committee 0.008 of agency 0.007 been made toward the 0.006 inflation at the rate 0.006 of 2 percent over 0.006 percent. The 0.004 expects 0.003 will aim 0.003 by at least $40 0.001 expects it -0.054 longer‑term inflation -0.022 inflation averages 2 percent over time and -0.015 market conditions have reached -0.013 to achieve inflation moderately -0.013 remain -0.013 and inflation has risen to -0.012 above 2 percent for -0.01 to increase -0.01 2 percent and -0.01 expectations -0.009 some time -0.009 will continue -0.008 target range -0.008 until labor -0.007 price stability goals. These asset purchases help foster -0.006 accommodative -0.006 smooth market functioning and accommodative financial conditions, thereby -0.006 an -0.006 securities by at least -0.005 well anchored at 2 -0.005 moderately exceed 2 percent -0.005 substantial further progress has -0.005 below this -0.005 maintain -0.004 to -0.004 longer-run -0.004 and -0.004 $80 billion per month -0.004 goal, -0.003 the longer run. With inflation having run persistently -0.003 that -0.003 its holdings of Treasury -0.003 month until -0.003 so -0.002 appropriate to maintain this -0.001 and businesses. -0.001 billion per -0.001 is on track to -0.0 for some time. In addition, the Federal Reserve -0.0 will be
inputs
0.025 / 2
The Committee
0.022 / 2
seeks to
0.018 / 3
achieve maximum employment
0.016
and
0.006 / 4
inflation at the rate
0.006 / 4
of 2 percent over
-0.003 / 8
the longer run. With inflation having run persistently
-0.005 / 2
below this
-0.004
longer-run
-0.004
goal,
0.009 / 2
the Committee
0.003 / 2
will aim
-0.013 / 4
to achieve inflation moderately
-0.012 / 4
above 2 percent for
-0.009 / 2
some time
-0.003
so
-0.003
that
-0.022 / 7
inflation averages 2 percent over time and
-0.054 / 2
longer‑term inflation
-0.01
expectations
-0.013
remain
-0.005 / 4
well anchored at 2
0.006 / 2
percent. The
0.009
Committee
0.004
expects
-0.004
to
-0.005
maintain
-0.006
an
-0.006
accommodative
0.034 / 4
stance of monetary policy
0.026 / 4
until these outcomes are
0.036 / 8
achieved. The Committee decided to keep the target
0.035 / 8
range for the federal funds rate at 0
0.019 / 4
to 1/4 percent and
0.001 / 2
expects it
-0.0 / 2
will be
-0.002 / 4
appropriate to maintain this
-0.008 / 2
target range
-0.008 / 2
until labor
-0.015 / 4
market conditions have reached
0.039 / 9
levels consistent with the Committee's assessments of maximum employment
-0.013 / 5
and inflation has risen to
-0.01 / 3
2 percent and
-0.001 / 4
is on track to
-0.005 / 4
moderately exceed 2 percent
-0.0 / 8
for some time. In addition, the Federal Reserve
-0.009 / 2
will continue
-0.01 / 2
to increase
-0.003 / 4
its holdings of Treasury
-0.006 / 4
securities by at least
-0.004 / 4
$80 billion per month
-0.004
and
0.008 / 2
of agency
0.01 / 2
mortgage‑backed securities
0.003 / 4
by at least $40
-0.001 / 2
billion per
-0.003 / 2
month until
-0.005 / 4
substantial further progress has
0.007 / 4
been made toward the
0.018 / 3
Committee's maximum employment
0.015
and
-0.007 / 8
price stability goals. These asset purchases help foster
-0.006 / 8
smooth market functioning and accommodative financial conditions, thereby
0.01 / 7
supporting the flow of credit to households
-0.001 / 2
and businesses.